mat117_appendix_c - Appendix C Polynomials Retail companies...

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Appendix C Polynomials Retail companies need to keep close track of their operations in order to maintain profitability. Often, the sales data of each individual product is analyzed separately, which can be used to help set pricing and other sales strategies. Application Practice Answer the following questions. Use Equation Editor to write mathematical expressions and equations. First, save this file to your hard drive by selecting Save As from the File menu. Click the white space below each question to maintain proper formatting. 1. In this problem, we will analyze the profit found for sales of decorative tiles. A demand equation (sometimes called a demand curve) shows how much money people would pay for a product depending on how much of that product is available on the open market. Often, the demand equation is found empirically (through experiment, or market research). a. Suppose that a market research company finds that at a price of p = $20, they would sell x = 42 tiles each month. If they lower the price to p = $10, then more people would purchase the tile, and they can expect to sell x = 52 tiles in a month’s time. Find the equation of the line for the demand equation. Write your answer in the form p = mx + b. (Hint: Write an equation using two points in the form (x,p)). 20=42m+b 10=52m+b (adding) 30=94m+2b 20=42m+b 10=52m+b (subtracting to eliminate b) 10=-10m to make -10 you have to divide 10 by negative one so m is -1 10=-10(-1) Now you replace -1 for m into the equation to solve for b. 10=42(-1) + b
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mat117_appendix_c - Appendix C Polynomials Retail companies...

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