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Algebra2Wk2AA - Copy

# Algebra2Wk2AA - Copy - MAT117 Week 2 Name Axia College...

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MAT117 Week 2 Name Axia College Material Application W Grade ( /17) * 20 Points = Complete Application W to apply the skills learned in Ch. 4 & 5 to a real-life situation. Due Date: Day 3 [Post as an attachment to the Assignments Section in eCampus]. Use an Equation Editor to write mathematical expressions and equations, where appropriate 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 1. In this problem, we will analyze the profit found for sales of decorative tiles. A demand equation (unit price) 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). Suppose that a market research company finds that at a price of p = \$45 per tile set, they would sell x = 31 tile sets each month. If they lower the price to p = \$25 per tile set, then more people would purchase the tile, and they can expect to sell x = 51 tile sets in a month’s time. (Note: including the units is only a check and subset numbers represent specific sets) Find the equation of the line for the demand equation using two points. Let the following table shows points for the line: p = price (dollars per tile set) x = number tile sets each month p1 = \$ 45/ts x1 = 31ts p2 = \$ 25/ts x2 = 51ts

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