A Population Is Modeled by a Function

question 40

Short Answer

A population is modeled by a function . Initially, the population counts 1000. The rate of change of the population is proportional to . Find the population at time years given that the doubling time is 8 years.

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Definitions:

Marginal Utility

The additional satisfaction or utility a consumer gains from consuming one more unit of a good or service.

Competitive Equilibrium Price Ratio

The ratio of prices that ensures the equality of supply and demand in a competitive market, often used to observe relative price changes between commodities.

Utility Function

A mathematical representation expressing an individual's preference ordering over a set of goods or services, used in economics to model decision making under uncertainty.

Min

Often short for "minimum," it represents the smallest or least possible amount or degree of a certain quantity or measure.