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New Homes The median size of a new single-family house built in the United States between 1987 and 2001 can be modeled as $$ \begin{aligned} b(x)=& 0.359 x^{3}-15.198 x^{2}+221.738 x \\ &+826.514 \text { square feet } \end{aligned} $$ where \(x\) is the number of years since 1980 , data from \(7 \leq x \leq 21\) (Source: Based on data from the National Association of Home Builders Economics Division) a. Locate the inflection point on the interval \(7

Short Answer

Expert verified
No inflection point in the interval \(7 < x < 11\); the median size was increasing at approximately 48.55 sq ft/year at \(x = 7\).

Step by step solution

01

Understand the Function

The given function \( b(x) = 0.359x^3 - 15.198x^2 + 221.738x + 826.514 \) models the median size of new single-family homes. \( x \) represents the number of years since 1980, and we're interested in locating an inflection point in the interval \( 7 < x < 11 \).
02

Find the Second Derivative

To find inflection points, we need the second derivative of \( b(x) \). First, find the first derivative \( b'(x) = 3 \times 0.359x^2 - 2 \times 15.198x + 221.738 \) or \( b'(x) = 1.077x^2 - 30.396x + 221.738 \). Next, find the second derivative: \( b''(x) = 2.154x - 30.396 \).
03

Set the Second Derivative to Zero

For the inflection point, set the second derivative equal to zero: \( 2.154x - 30.396 = 0 \). Solve for \( x \) to get \( x = \frac{30.396}{2.154} = 14.11 \). However, this is outside the given interval \( 7 < x < 11 \), suggesting there is no inflection point in this specific range.
04

Calculate the Rate of Change at a Boundary

Since the inflection point is outside the range, calculate the rate of change (first derivative) at \( x = 7 \) for evaluation purposes (or choose close values in \( 7 < x < 11 \)). Calculate \( b'(7) = 1.077(7)^2 - 30.396(7) + 221.738 \). After solving, \( b'(7) \approx 48.55 \).
05

Interpretation of Results

Interpret the findings within the context. Although there is no inflection point in the interval, the positive rate of change, \( 48.55 \) square feet per year at \( x = 7 \), indicates that the median home size was increasing at that time.

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

Inflection Points
Inflection points are fascinating aspects of functions, particularly in calculus. They represent the points on a curve where the concavity changes. In simple terms, they are where the curve transitions from being "cup-shaped" to "cap-shaped," or vice versa. To find an inflection point, we look at the second derivative of a function.
When the second derivative, denoted as \( f''(x) \), changes sign, it indicates an inflection point. This change in sign signifies a shift in the behavior of the graph's slope, transitioning from increasing to decreasing or the opposite.
To locate inflection points, we set \( f''(x) = 0 \) and solve for \( x \). It’s crucial to note that not all solutions signify an inflection point. One must also check for the change in sign around those solutions by testing intervals before and after the possible points. In our exercise, while we calculated the second derivative and found its zero, this zero point wasn't within our specified interval. Thus, no inflection point was detected between \( x = 7 \) and \( x = 11 \).
Derivatives
Derivatives play a crucial role in understanding how functions behave, especially when it comes to rates of change and the slopes of curves. The first derivative of a function, \( f'(x) \), gives us the slope of the tangent line at any point \( x \) on the curve.
This concept is used to determine several key characteristics of a function, such as:
  • Identifying increasing or decreasing intervals by checking where \( f'(x) \) is positive or negative.
  • Finding local maxima and minima, often known as critical points, by examining where \( f'(x) = 0 \).

In our exercise, we calculated the first derivative of the function representing the median home size to understand how rapidly it was changing over specific years. Understanding whether or not the value is increasing or decreasing at those points aids in sketching the function's graph and in making informed interpretations about the data behavior.
Although our specific task involved interpreting outcomes within a given range, calculating the derivative also offered insights into how the home sizes were trending even outside the interval of interest.
Polynomial Functions
Polynomial functions are some of the most common functions in mathematics and are characterized by expressions involving powers of variables multiplied by coefficients. A polynomial of degree \( n \) takes the form \( a_n x^n + a_{n-1} x^{n-1} + \, ... \, + a_1 x + a_0 \). The highest power of \( x \) defines the polynomial's degree, which tells us about the function's general shape and behavior over a range.
These functions have several critical properties:
  • They are smooth and continuous, meaning no breaks or sharp corners.
  • They can have multiple roots and turning points, depending on their degree.

In the context of the exercise, the polynomial function given models the median size of new homes over time as a cubic polynomial. The degree, 3 (cubic), suggests that the function may have up to two turning points and one inflection point.
This particular function helps illustrate how complex real-world data can be modeled with polynomial expressions, which makes understanding their general form and behavior critical to finding features like inflection points and understanding their trends and changes.

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Most popular questions from this chapter

A trucking company wishes to determine the recommended highway speed at which its truck- wages and fuel required for a trip. The average wage for the truckers, \(\$ 15.50\) per hour, and the average fuel efficiencies for their trucks as a function of the speed at which the truck is driven are shown below. Average Fuel Efficiency for Trucks $$\begin{array}{|c|c|}\hline \begin{array}{c}\text { Speed } \\\\\text { (mph) }\end{array} & \begin{array}{c}\text { Fuel Consumption } \\\\\text { (mpg) }\end{array} \\\\\hline 50 & 5.11 \\ \hline 55 & 4.81 \\\\\hline 60 & 4.54 \\\\\hline 65 & 4.09 \\\\\hline 70 & 3.62 \\\\\hline\end{array}$$ a. Construct a model for fuel consumption as a function of the speed driven. b. For a 400 -mile trip, construct formulas for the following quantities in terms of speed driven: i. Driving time required ii. Wages paid to the drive iii. Gallons of fuel used iv. Total cost of fuel (use a reasonable price per gallon based on current fuel prices) v. Combined cost of wages and fuel c. Using equation v in part b, calculate the speed that should be driven to minimize cost. d. Repeat parts b and c for 700 -mile and 2100 -mile trips. What happens to the optimal speed as the trip mileage increases? e. Repeat parts b and c for a 400 -mile trip, increasing the cost per gallon of fuel by 20,40, and 60 cents. What happens to the optimal speed as the cost of fuel increases? f. Repeat parts b and c for a 400 -mile trip, increasing the driver's wages by 2,5, and 10 per hour. What happens to the optimal speed as the wages increase?

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