Question: Math 5 Midterm Study Guide 2.5-4.4 I. Key Terms: Define, state or discuss each: 1. Marginal Functions 2. Elasticity of Demand 3. Critical points 4.

Math 5 Midterm Study Guide 2.5-4.4 I. Key Terms: Define, state or discuss each: 1. Marginal Functions 2. Elasticity of Demand 3. Critical points 4. Intervals of Increase and Decrease 5. Inflection points 6. Intervals of Concavity 7. Compound Interest 8. Continuously Compounded Interest 9. Derivative of exponential functions 10. Derivative of natural log functions II. Calculations and Applications: 1. The demand equation for a certain product is x = 5 2 p 30 , where p is the unit price and x is the quantity demanded of the product. Find the elasticity of demand and determine whether the demand is elastic or inelastic at the indicated prices: a) p=3 b ) p=6 c) p=9 2. The weekly demand for a photocopying machine is given by the demand equation p = 2000 0.04 x where p denotes the wholesale unit price in dollars and x denotes the quantity demanded. The weekly total cost function for manufacturing these copiers is given by C(x) = 0.000002x3 0.02x 2 1000x 120000 where C(x) is the total cost incurred in producing x units: a) Find the revenue function and marginal revenue function b) Find profit function and the marginal profit

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