3. Hunter earns $750 net per week. He lives alone in a 1-bedroom apartment. The monthly rent is $785. What percent of his monthly net income is spent on rent? Assume a 4-pay month. 4. a) Yasmine earns $15.75 per hour and works 35 hours per week. She has a young child and feels that she cannot spend more than 30% of her income on rent. What is the maximum monthly rent that she should pay? Assume a 4-pay month. b) Given your knowledge of the cost of housing in your community, suggest a strategy Yasmine could use to help her afford an apartment. 5. This year, the monthly rent for a condominium is $1060. If the annual percent rent increase for next year is set at 3.1%, what will be the monthly rent for the condominium next year? 6. • You have just graduated from high school and landed a job in the community nearest you. Circle the community: Niagara Falls, • Your starting wage will be $20.40 per hour and you will work 40 hours per week. • If you decide to take the job, you need to move to that city a) Complete the chart. Round your calculations to the nearest dollar. Weekly Gross Income: Weekly Net Income (Assume 85% of Gross Income) Monthly Net Income (Assume 4 pays a month) b) What is the maximum amount that you should consider spending for rent? $_________ Explain why.
Minimization
In mathematics, traditional optimization problems are typically expressed in terms of minimization. When we talk about minimizing or maximizing a function, we refer to the maximum and minimum possible values of that function. This can be expressed in terms of global or local range. The definition of minimization in the thesaurus is the process of reducing something to a small amount, value, or position. Minimization (noun) is an instance of belittling or disparagement.
Maxima and Minima
The extreme points of a function are the maximum and the minimum points of the function. A maximum is attained when the function takes the maximum value and a minimum is attained when the function takes the minimum value.
Derivatives
A derivative means a change. Geometrically it can be represented as a line with some steepness. Imagine climbing a mountain which is very steep and 500 meters high. Is it easier to climb? Definitely not! Suppose walking on the road for 500 meters. Which one would be easier? Walking on the road would be much easier than climbing a mountain.
Concavity
In calculus, concavity is a descriptor of mathematics that tells about the shape of the graph. It is the parameter that helps to estimate the maximum and minimum value of any of the functions and the concave nature using the graphical method. We use the first derivative test and second derivative test to understand the concave behavior of the function.
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