For Exercises 69-70, refer to Figure 8-1 and the narrative at the beginning of this section. Suppose that the price p in $ of theater tickets is influenced by the number of tickets x offered by the theater and demanded by consumers. Supply: p = 0.025 x Demand: p = − 0.04 x + 104 a. Solve the system of equations defined by the supply and demand models. b. What is the equilibrium price? c. What is the equilibrium quantity?
For Exercises 69-70, refer to Figure 8-1 and the narrative at the beginning of this section. Suppose that the price p in $ of theater tickets is influenced by the number of tickets x offered by the theater and demanded by consumers. Supply: p = 0.025 x Demand: p = − 0.04 x + 104 a. Solve the system of equations defined by the supply and demand models. b. What is the equilibrium price? c. What is the equilibrium quantity?
Solution Summary: The author calculates the solution of the system of equations defined by the supply and demand models.
Can you answer this question and give step by step and why and how to get it. Can you write it (numerical method)
Can you answer this question and give step by step and why and how to get it. Can you write it (numerical method)
There are three options for investing $1150. The first earns 10% compounded annually, the second earns 10% compounded quarterly, and the third earns 10% compounded continuously. Find equations that model each investment growth and
use a graphing utility to graph each model in the same viewing window over a 20-year period. Use the graph to determine which investment yields the highest return after 20 years. What are the differences in earnings among the three
investment?
STEP 1: The formula for compound interest is
A =
nt
= P(1 + − − ) n²,
where n is the number of compoundings per year, t is the number of years, r is the interest rate, P is the principal, and A is the amount (balance) after t years. For continuous compounding, the formula reduces to
A = Pert
Find r and n for each model, and use these values to write A in terms of t for each case.
Annual Model
r=0.10
A = Y(t) = 1150 (1.10)*
n = 1
Quarterly Model
r = 0.10
n = 4
A = Q(t) = 1150(1.025) 4t
Continuous Model
r=0.10
A = C(t) =…
University Calculus: Early Transcendentals (4th Edition)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, calculus and related others by exploring similar questions and additional content below.
Solve ANY Optimization Problem in 5 Steps w/ Examples. What are they and How do you solve them?; Author: Ace Tutors;https://www.youtube.com/watch?v=BfOSKc_sncg;License: Standard YouTube License, CC-BY
Types of solution in LPP|Basic|Multiple solution|Unbounded|Infeasible|GTU|Special case of LP problem; Author: Mechanical Engineering Management;https://www.youtube.com/watch?v=F-D2WICq8Sk;License: Standard YouTube License, CC-BY