Final Review 1answers

Final Review 1answers - MATH 1331 Spring 2006 Final Exam...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
MATH 1331 Spring 2006 Final Exam Review #1 answers Average Cost is ¯ C ( x ) = C ( x ) x CHAPTER 1: BUSINESS AND REGRESSION 1. Suppose for a salt manufacturer, fixed costs were $235,487 and it cost $206.68 to produce each ton of salt. The plant sold salt at $266.67 per ton. (a) Find the cost function C ( x ) C ( x ) = 206 . 68 x + 235487 (b) Find the revenue function R ( x ) R ( x ) = 266 . 67 x (c) Find the profit function P ( x ) P ( x ) = R ( x ) - C ( x ) = 266 . 67 x - [206 . 68 x +235487] = 59 . 99 x - 235487 (d) Find the break-even quantities R ( x ) = C ( x ) or P ( x ) = 0 . 59 . 99 x - 235487 = 0 so x = 3925 . 44 tons of salt. 2. Suppose that 10,000 units of a certain item are sold per day by the entire industry at a price of $150 per item and that 8000 units can be sold per day by the same industry at a price of $200 per unit. Find the demand equation assuming it is a straight line. Two points (10000
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Final Review 1answers - MATH 1331 Spring 2006 Final Exam...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online