Concept explainers
A bakery owner knows that customers buy a total of q cakes when the price, p, is no more than p = d(q) = 20 − q∕20 dollars. She is willing to make and supply as many as q cakes at a price of p = s(q) = 11 + q∕40 dollars each. (The graphs of the functions d(q) and s(q) are called a demand curve and a supply curve, respectively.) The graphs of d(q) and s(q) are in Figure 1.22.
- (a) Why, in terms of the context, is the slope of d(q) negative and the slope of s(q) positive?
- (b) Is each of the ordered pairs (q, p) a solution to the inequality p ≤ 20 − q∕20? Interpret your answers in terms of the context.
(60, 18) (120, 12)
- (c) Graph in the qp-plane the solution set of the system of inequalities p ≤ 20 − q∕20, p ≥ 11 + q∕40. What does this solution set represent in terms of the context?
- (d) What is the rightmost point of the solution set you graphed in part (c)? Interpret your answer in terms of the context.
Figure 1.22
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