The Linear Approximation of a Function Is Useful Only If $\sqrt { 18 }$

question 49

Essay

The linear approximation of a function is useful only if the change in x is small. Illustrate this fact by approximating $\sqrt { 18 }$ by regarding 18 to be "near" 36 instead of 16.

Recognize the reasons behind the shape of average cost curves.

Differentiate between diminishing returns to scale and decreasing returns to scale.

Understand factors leading to diminishing marginal returns.

Assess how returns to scale affect long-run average costs.

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Definitions:

Titanic

The British passenger liner that sank in 1912 after hitting an iceberg during its maiden voyage, leading to significant loss of life.

Prestige

Prestige denotes the respect, admiration, or deference a person or group garners from others, based on accomplishments, quality, or social status.

Parties

Social gatherings or celebrations where people come together to enjoy entertainment, companionship, and often food and drink.

Individual Attributes

Qualities, traits, or characteristics that distinguish or define a person as an individual.