The solution to the system of the equations p = − 0.325 x + 5.8 and p = 0.375 x + 3 . Then determine the equilibrium number of workers and equilibrium hourly wage.
The solution to the system of the equations p = − 0.325 x + 5.8 and p = 0.375 x + 3 . Then determine the equilibrium number of workers and equilibrium hourly wage.
Solution Summary: The author calculates the equilibrium number of workers and equilibrium hourly wage by subtracting the value of p from the demand and supply equations.
To calculate: The solution to the system of the equations p=−0.325x+5.8 and p=0.375x+3. Then determine the equilibrium number of workers and equilibrium hourly wage.
(b)
To determine
To fill: The blank spaces in the statement, “If workers are paid_______ per hours, there will be ______ million available workers and ______ million workers will be hired”.
(c)
To determine
To calculate: The number of workers employers will hire in 2007 according to the demand model p=−0.325x+5.8 if the federal minimum wage in 2007 was $5.15 per hour.
(d)
To determine
To calculate: The number of workers available in 2007 according to the supply model p=0.375x+3 if the federal minimum wage in 2007 was $5.15 per hour.
(e)
To determine
To calculate: The number of more workers looking for work than employers are hiring as per the minimum wage $5.15 per hour.
How long will it take you to double your money if you invest it at a rate
of 8% compounded annually?
One hundred dollars is invested at 7.2% interest compounded annually.
Determine how much the investment is worth after:
a. I year
b. 5 years
c. 10 years
d. 20 years
e. Use your answers to parts (a)-(d) to estimate the doubling time for the
investment.
6) A farmer has 60 acres on which to plant oats or corn. Each acre of oats requires 100 lbs of fertilizer and 1 hour
of labor. Each acre of corn requires 50 lbs of fertilizer and 2 hours of labor. The farmer has 5000 lbs of
fertilizer and 100 hours available for labor. If the profit is $60 from each acre of oats and $100 from each acre
of corn, what planting combination will produce the greatest total profit?
a) Fill in the following chart to help organize the information given in the problem:
Oats
Labor
Fertilizer
Land
Profit
b) Write down the question of interest.
Corn
Available
c) Define variables to answer the question of interest. Call these x and y.
d) Write the objective function to answer the question of interest.
e) List any constraints given in the problem.
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