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MAT 194-Project 3

# MAT 194-Project 3 - MAT 194 Precalculus Lab 3 Prices and...

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MAT 194 Lab 3 Precalculus Prices and Revenue 1 Prices and Revenue Lab Preparation In a small, simple economy it is reasonable to assume that if the price of an item is increased, then there will be a drop in sales. In this lab, you will investigate the changes in revenue that could accompany changes in selling price. To prepare for the investigation you should do the following exercises. 1. Market research reveals that when the price of a carton of ice cream is \$4.50, 8,500 cartons are sold. If the price drops to \$3.80, the number of cartons sold increases to 9,900. a.) Complete the following table that shows the number of cartons sold N(x) for selected prices x, assuming linear growth: x N(x) \$3.50 \$3.80 9900 \$4.00 \$4.50 8500 \$4.80 \$5.00 b.) Write a formula for the linear function N(x) that gives the number of cartons sold when the price per carton is x dollars. How many cartons will be sold if the price is changed to \$5.00? Sketch the graph of N(x). What is a reasonable domain for N(x)? 2.

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MAT 194-Project 3 - MAT 194 Precalculus Lab 3 Prices and...

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