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Instructions: Number of tiles (x) 0 10 20 30 40 50 Price sold 55 45 35 25 15 5 Demand Equation: p= p= mx+ x+ b Market Research: Sales of Decorative...

A market research company found the following about the relationship between the number of tiles and its price.

Number of tiles (x)
Price sold

0
55

10
45

20
35

30
25

40
15

50
5




The demand equation has the form of a linear equation: p = mx + b; where x is the number of tiles, m is the empirical price per tile, and b is the initial sold price.

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. In other words, the formula R = xp is the revenue equation.

The costs of doing business for a company can be found by adding fixed costs, such as rent, insurance, and wages, and variable costs, which are the costs to purchase the product you are selling. The cost equation has the form of a linear equation: C = mx + b; where x is the number of tiles, m is the cost per tile, and b is the fixed costs for making the tiles. The portion of the company’s fixed costs allotted to this product is $490, and the supplier’s cost per tile is $6 each.

The profit made from the sale of tiles is found by subtracting the costs from the revenue. In other words, the profit equation is P = R - C.



Your Task:

Your task is to input the correct formulas (polynomials) in the spreadsheet attached to this note to analyze the profit found for the sales of decorative tiles.

p = m x + b Number of tiles (x) Price sold Demand Equation: p = x + 0 55 10 45 20 35 30 25 40 15 50 5 Instructions : Input the formulas in the yellow and green cells that will help you find the demand equation. 0 10 20 30 40 50 60 0 20 40 60 Market Research: Sales of Decorative Tiles
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Number of tiles (x) Revenue Cost Profit 0 1 2 Revenue Cost 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Profit 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 Instructions : Input the appropriate formulas in the colored cells that will help you find the revenue, cost, and profit for the sale of decorative tiles. The graphs will be automatically created once you enter the appropriate formulas in the colored cells. 0 5 10 15 20 25 30 35 40 45 50 0 2 4 6 8 10 12 0 5 10 15 20 25 30 35 40 45 50 0 2 4 6 8 10 12 0 5 10 15 20 25 30 35 40 45 50 0 2 4 6 8 10 12
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