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: Balata Incorporated produces golfballs and finds that its supply function for the new Xtrah golf ball is given by
s(x) = 0.24x + 3.70
where x represents the number of dozens of golf balls supplied each month and s(x) is the price per dozen, measured in dollars. Evaluate s′(65) and interpret.
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