Numerical analysis and numerical methods are also applicable in field of finance and marketing. Revenues, costs, and profits can be represented as equations. An example, it costs a firm D(m) dollars to produce m grams per day of a certain chemical, where D(m) = 1000 + 2m + 3m²/3 For its revenue, the firm can sell any amount of the chemical at $4 a gram. Find the break-even point (the point when revenue is equal to cost) of the firm, that is, how much it should produce per day in order to have neither a profit nor a loss. Find the true value and give the answer to the nearest gram by using the a) False-position Method and iterate until the approximate error falls below 0.05% or the number of iterations exceeds 5. Take m to range from 500 to 1000. b) Secant Method and iterate until the approximate error is at 0% or the number of iterations exceeds 10. Take m to range from 400 to 8000.
Numerical analysis and numerical methods are also applicable in field of finance and marketing. Revenues, costs, and profits can be represented as equations. An example, it costs a firm D(m) dollars to produce m grams per day of a certain chemical, where D(m) = 1000 + 2m + 3m²/3 For its revenue, the firm can sell any amount of the chemical at $4 a gram. Find the break-even point (the point when revenue is equal to cost) of the firm, that is, how much it should produce per day in order to have neither a profit nor a loss. Find the true value and give the answer to the nearest gram by using the a) False-position Method and iterate until the approximate error falls below 0.05% or the number of iterations exceeds 5. Take m to range from 500 to 1000. b) Secant Method and iterate until the approximate error is at 0% or the number of iterations exceeds 10. Take m to range from 400 to 8000.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:4) Numerical analysis and numerical methods are also applicable in field of finance and
marketing. Revenues, costs, and profits can be represented as equations. An
example, it costs a firm D(m) dollars to produce m grams per day of a certain
chemical, where
D(m) = 1000 + 2m + 3m?/3
For its revenue, the firm can sell any amount of the chemical at $4 a gram. Find the
break-even point (the point when revenue is equal to cost) of the firm, that is, how
much it should produce per day in order to have neither a profit nor a loss. Find the
true value and give the answer to the nearest gram by using the
a) False-position Method and iterate until the approximate error falls below
0.05% or the number of iterations exceeds 5. Take m to range from 500 to
1000.
b) Secant Method and iterate until the approximate error is at 0% or the number
of iterations exceeds 10. Take m to range from 400 to 8000.
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