In Exercise, a supply function s is given. A supply function gives the price s(x) at which exactly x units of a product is supplied. Its derivative s′(x) gives the instantaneous rate of change in the price of the product at supply level x.
Macroeconomics—Supply Function: Baker’s Bake Shoppe makes specialty baking pans and finds that the supply function for the candle-shaped birthday cake pan is given by
s(x) = 3.75x0.22
where x is the number of baking pans supplied and s(x) represents the price per pan. Evaluate s′(31) and interpret.
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