Refresh Your Math & Graphing Skills Jack Hardware sold 6 pounds of bolts yesterday at a price of $3.00 per pound. This point is represented by the black plus symbol on the diagrar below, which plots the price of bolts (measured in dollars per pound) and the quantity sold (measured in pounds).
Refresh Your Math & Graphing Skills Jack Hardware sold 6 pounds of bolts yesterday at a price of $3.00 per pound. This point is represented by the black plus symbol on the diagrar below, which plots the price of bolts (measured in dollars per pound) and the quantity sold (measured in pounds).
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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Refresh Your Math & Graphing Skills
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Jack Hardware sold 6 pounds of bolts yesterday at a price of $3.00 per pound. This point is represented by the black plus symbol on the diagrar
below, which plots the price of bolts (measured in dollars per pound) and the quantity sold (measured in pounds).
10
9
8
PRICE (Dollars per pound)
3
S
6
7
7
1
+
0
0
1
3
4 5
6
7
8
9
10
BOLTS (Pounds)
New Price/Quantity
A-Z
A
司
Each small square in the grid for this graph has one side equal to 1 pound of bolts and one side equal to 1 dollar per pound. The area of one sm
square is therefore
There are
small squares in the purple shaded rectangle.
On this graph, the area of the purple rectangle corresponds to:
Jack Hardware's revenue from selling bolts, measured in dollars
The price of the bolts, measured in dollars per pound
The number of bolts that Jack Hardware sold, measured in pounds
None of these-the area has no meaning
Now suppose Jack Hardware lowers its price to $2.00 per pound of bolts. As a result, it now sells 9 pounds of bolts.
Use the blue rectangle to draw the area that corresponds to the new price and quantity.
Did lowering the price of bolts increase Jack Hardware's revenue?
Yes
No
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