Profit-loss analysis. Use the cost and revenue functions from Problem 88 . (A) Write a profit function and graph it in a graphing calculator. (B) Determine graphically when P = 0 , P < 0 , and P > 0 to the nearest unit. (C) Determine graphically the maximum profit (to the near est thousand dollars) and the output (to the nearest unit) that produces the maximum profit. What is the wholesale price of the radio (to the nearest dollar) at this output? [Compare with Problem 88 C .] (D) Use the models in parts (A) and (B) to find the equilibrium point. Write the equilibrium price to the nearest cent and the equilibrium quantity to the nearest unit.
Profit-loss analysis. Use the cost and revenue functions from Problem 88 . (A) Write a profit function and graph it in a graphing calculator. (B) Determine graphically when P = 0 , P < 0 , and P > 0 to the nearest unit. (C) Determine graphically the maximum profit (to the near est thousand dollars) and the output (to the nearest unit) that produces the maximum profit. What is the wholesale price of the radio (to the nearest dollar) at this output? [Compare with Problem 88 C .] (D) Use the models in parts (A) and (B) to find the equilibrium point. Write the equilibrium price to the nearest cent and the equilibrium quantity to the nearest unit.
Solution Summary: The author explains how to calculate the profit function using C(x)=160+10x and R
Profit-loss analysis. Use the cost and revenue functions from Problem
88
.
(A) Write a profit function and graph it in a graphing calculator.
(B) Determine graphically when
P
=
0
,
P
<
0
,
and
P
>
0
to the nearest unit.
(C) Determine graphically the maximum profit (to the near est thousand dollars) and the output (to the nearest unit) that produces the maximum profit. What is the wholesale price of the radio (to the nearest dollar) at this output? [Compare with Problem
88
C
.]
(D) Use the models in parts (A) and (B) to find the equilibrium point. Write the equilibrium price to the nearest cent and the equilibrium quantity to the nearest unit.
1: Neil Mitchell earns $11/hour. During the most recent week, he received a discretionary bonus of $7,200 and worked 43 hours.
Gross Pay: $
7,689.50
2: Francine Palmer earns $7.90/hour. During the most recent week, she received a nondiscretionary bonus of $2,450 and worked 45 hours.
Gross Pay: $
2,825.25
3: Martin Green earns $11.10/hour. During the most recent week, he received a nondiscretionary bonus of $1,360 and worked 51 hours.
Gross Pay: $
1,987.15
4: Melvin Waxman earns $17.60/hour. During the most recent week, he received a nondiscretionary bonus of $440 and worked 56 hours.
Gross Pay: $
1,425.60
Obtain the linear equation for trend for
time series with St² = 140, Ey = 16.91 and
Σty= 62.02, m n = 7
1: Kevin Williams earns a weekly wage of $740. During the most recent week, he worked 42 hours.
Regular Wage Rate = $
18.50
Overtime Wage Rate = $
27.75
2: Charles Joyner earns a biweekly wage of $2,720. During the most recent week, he worked 45 hours.
Regular Wage Rate = $
Overtime Wage Rate = $_
34.00
51.00
3: Julio Valdez earns an annual salary of $81,000. During the most recent week, he worked 44 hours.
Regular Wage Rate = $
Overtime Wage Rate = $
38.94
58.41
4: Bridget Stein earns a monthly salary of $6,200. During the most recent week, she worked 56 hours.
Regular Wage Rate = $
27.50
Overtime Wage Rate = $
41.25
5: Betsy Cranston earns a semimonthly salary of $2,200. During the most recent week, she worked 49 hours.
Regular Wage Rate = $
Overtime Wage Rate = $_
1,100.00
41.25
Chapter 2 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences Plus NEW MyLab Math with Pearson eText -- Access Card Package (13th Edition)
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