Consider the following three specific functions for a functional relation between X and Y:
i) Y = 50 + 2X
ii) Y = 50 + 2X + 0.05X2
iii) Y = 50 + 2X – 0.05X2
a. For the values of X of 0, 10, 20, 30, 40, and 50, plot X and Y on a scale diagram for each specific function. Connect these points with a smooth line.
b. For each function, state whether the slope of the line is constant, increasing, or decreasing as the value of X increases.
c. Describe for each function how the marginal change in Y depends on the value of X.