Answer the problems below and show or explain how you arrived at your final answer.
1. You sell premium toasters and are making a pricing decision. At a price of $100 (or “p = $100”) you predict that you can sell 30 of these premium toasters at your Scottsdale, Arizona location. If the price is raised to $110 you predict that you can sell 25 of these premium toasters at your Scottsdale, Arizona location. Find the equation of the line and you can write your answer in the following form: p = mx + b. Normally in this class, you would probably use the “y = mx + b” format. You are basically substituting the variable “y” with “p”. (20% of grade)
2. A company’s revenue is the amount of money that comes in from sales before business costs are subtracted. For a single product, you can find the revenue by multiplying the quantity of the product sold, x, by the demand equation, p. The Revenue equation is “R = xp”. You are advising a local company that sells hamburgers at your state fair and have determined that the demand equation is:
p = -x + 300. Substitute this equation for “p” into the previously mentioned Revenue equation. (20% of grade)
3. A local computer company found the following Profit Equation for their new laptop:
–x2 + 66x – 800
Using “p = 0” for the breakeven point, find the breakeven values (Hint: Try the numbers “50” and “16” when factoring). (20% of grade)
4. Your toaster company’s sales were $12,000,000 in 2007 and $11,000,000 in 2009. Write your toaster company’s 2007 and 2009 sales in scientific notation. (20% of grade)
5. Using the above sales numbers in for your toaster company in 2007 and 2009 and by showing your work using scientific notation, find the percentage growth or percentage loss between 2007 and 2009. (20% of grade)
This question was asked on Apr 12, 2010.
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