Question

The demand for nurses in the US between 2000 and 2015 is estimated to be D(t) = 0.7t² + 0.265t + 2000 thousand, where 0 ≤ t ≤ 15, and t = 0 corresponds to year 2000. The number of nurses in the US between 2000 and 2015 is estimated to be S(t) = 0.14t² + 0.326t + 1900 thousand, where 0 ≤ t ≤ 15, and t = 0 corresponds to year 2000.

a.) Find and interpret D'(8). Make sure to state the correct units

b.) Find and interpret S'(8). Make sure to state the correct units

c.) Let q(t) = S(t)/D(t). Find and interpret q(8)

d.)  Find and interpret q' (8).

e.)  In the marginal analysis, you would use q'(8) to estimate what quantity? Find the exact value of that quantity, and compare with q'(8)

Answer 1