finalpractice - MATH 1331 Spring 2006 FINAL EXAM PRACTICE...

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MATH 1331 Spring 2006 FINAL EXAM PRACTICE Directions: Use this as a practice exam. Set aside 2-3 hours in a quiet place, not in front of the tv or listening to the radio. Pretend that it is an actual testing environment. Take this test without looking at notes. 1. A shoe company collects the following data, where x is output in thousands of pairs of shoes, and y is the cost in thousands of dollars. x 4.5 7 10 15 20 25 50 y 2.8 2.9 3.1 3.6 4.5 5.2 9.5 (a) Use quadratic regression to model y as a function of x , i.e., y = C ( x ). (b) What is the cost when the output is 30,000 shoes? (c) What is the marginal cost when x = 19 and interpret? 2. A company manufactures and sells x TV sets per month. The monthly cost is C ( x ) = 72000+60 x, and the price demand equation is p ( x ) = 200 - x 30 with 0 x 2500 . (a) What is the production level that will realize the maximum profit? (b) What is the maximum profit? (c) What price should the company charge per TV set to obtain the maximum profit?
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