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

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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

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

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