Reminder Round all answers to two decimal places unless otherwise indicated.
More on Revenue This is a continuation of Exercises 15 and 16. In general, the highest price
a. Verify that the formula
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b. Use the formula from part a and the fact that
c. Express using functional notation the total revenue of this manufacturer if there are
Suppose that a manufacturer of widgets has fixed costs of
a. Use a formula to express the total cost of this manufacturer in a month as a function of the number of widgets produced in a month. Be sure to state the units you use.
b. Express using functional notation the total cost if there are
The profit
Suppose the manufacturer of widgets in Exercise 15 sells the widgets for
a. Use a formula to express this manufacturer’s total revenue
b. Use a formula to express the profit
c. Express using functional notation the profit of this manufacturer if there are
d. At the production level of
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- Reminder Round all answers to two decimal places unless otherwise indicated. More on ProfitThis is a continuation of Exercises 15, 16, and 17. In this exercise, we use the formula for the total cost of the widget manufacturer found in Exercise 15 and the formula for the total revenue found in Exercise 17. a.Use a formula to express the profit P of this manufacturer as a function of N. b.Consider the three production levels: N=200, N=700, and N=1200 . For each of these, determine whether the manufacturer has a loss, turns a profit, or is a break even point. 15.Total Cost The total cost C for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total cost, we need to know the manufacturers fixed costs covering things such as plant maintenance and insurance, as well as the cost for each unit produced, which is called the variable, cost. To find the total cost, we multiply the variable cost by the number of items produced during that period and then add the fixed costs. Suppose that a manufacturer of widgets has fixed costs of 9000 per month and that the variable cost is 15 per widget so it costs 15 to produce 1 widget. a. Use a formula to express the total cost of this manufacturer in a month as a function of the number of widgets produced in a month. Be sure to state the units you use. b. Express using functional notation the total cost if there are 250 widgets produced in a month, and then calculate that value. 16.Total Revenue and ProfitThis is a continuation of Exercise 15. The total revenue R for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total revenue, we need to know the selling price per unit of the item. To find the total revenue, we multiply this selling price by the number of items produced. The profit P for a manufacturer is the total revenue minus the total cost. If this number is positive, then the manufacturer turns a profit, whereas if this number is negative, then the manufacturer has a loss. If the profit is zero, then the manufacturer is at break-even point. Suppose the manufacturer of widgets in Exercise 15 sells the widgets for 25each. a.Use a formula to express this manufacturers total revenue R in a month as a function of the number of widgets produced in a month. Be sure to state the units you use. b.Use a formula to express the profit P of this manufacturer as a function of the number of widgets produced in a month. Be sure to state the units you use. c.Express using functional notation the profit of this manufacturer if there are 250 widgets produced in a month, and then calculate that value. d.At the production level of 250 widgets per month, does the manufacturer turn a profit or have a loss? What about at the production level of 1000 widgets per month? 17.More on RevenueThis is a continuation of Exercise 15 and 16. In general, the highest price p per unit of an item which a manufacturer can sell N items is not constant, but is rather a function of N. The total revenue R is still the product of p and N, but the formula for R is more complicated when p depends on N. Suppose the manufacturer of widgets in Exercises 15 and Exercises 16 no longer sells widgets for 25 each. Rather, the manufacturer has developed the following table showing the highest price p, in dollars, of a widget at which N widgets can be sold. a.Verify that the formula p=500.01N where p is the price in dollars, give the same values as those in the table. N=Numberofwidgetssold p=Price 100 49 200 48 300 47 400 46 500 45 b.Use the formula from part a and the fact that R is the product of p and N to find a formula expressing the total revenue R as a function of N for this widget manufacturer. c.Express using functional notation the total revenue of this manufacturer if there are 450 weights produced in a month, and then calculate that value.arrow_forwardReminder Round all answer to two decimal places unless otherwise indicated. Total Revenue and Profit This is a continuation of Exercise 13. The total revenue R for a manufacturer during a given time period is a function of the number N of items produced during that period. In this exercise, we assume that the selling price per unit of the item is a constant, so it does not depend on the number of items produced. The profit P for a manufacturer is the total revenue minus the total cost. If the profit is zero, then the manufacturer is at a break-even point. We consider again the manufacturer of widgets in Exercise 13 with fixed costs of 1500 pr month and a variable cost of 20 per widget. Suppose the manufacturer sells 100 widgets for 2300 total. a. Use a formula to express the total monthly revenue R, in dollars, of this manufacturer in a month as function of the number N of widgets produced in a month. b. Use a formula to express the monthly profit P, in dollars, of this manufacturer as function of the number of widgets produced in a month. Explain how the slope and initial of P are derived from the fixed costs, variable cost, and price per widget. c. What is the break-even point for this manufacturer? d. Make graphs of total monthly cost and total monthly revenue. Include monthly production levels up to 1200 widgets. What is the significance of the point where the graphs cross?arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. A Coin CollectionThe value of a coin collection increases as new coins are added and the value of some rare coins in the collection increases. The value V, in dollars, of the collection t years after the collection was started is given by the following table. t=time,inyears V=value,indollars 0 130.00 1 156.00 2 187.20 3 224.64 4 269.57 a. Show that these data are exponential. b. Find an exponential model for the data. c. According to the model, when will the collection have a value of 500?arrow_forward
- Reminder Round all answers to two decimal places unless otherwise indicated. Market Supply and demand The quality of wheat, in billions of bushels, that wheat suppliers are willing to produce in a year and offer for sale is called the quantity supplied and is denoted by S. The quantity supplied and is determined by the price P of wheat, in dollars per bushel, and the relation is P=2.13S0.75. The quantity of wheat, in billions of bushels, that wheat consumers are willing to purchase in a year is called the quantity demanded and is denoted by D. The quantity demanded is also determined by the price P of wheat, and the relation is P=2.650.55D. At the equilibrium price, the quality supplied and the quality demanded are the same. Find the equilibrium price for wheat.arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. Cost and Revenue The cost C and the revenue R for a brokerage firm depend on the number T of transactions executed. Both C and R are measured in dollars. It costs 750 per day to keep the office open, and brokers are paid an average of 25 per transaction. Also, 35 in fees are collected for each transaction. a. Find a formula that gives C as a function of T. b. Find a formula that gives R as a function of T. c. Find the number of daily transactions that are needed to make the revenue 1500 more than the cost.arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. Note Some of the formulas below use the special number e, which was presented in the Prologue. The height of the winning pole vault in the early years of the modern Olympic Games can be modeled as a function of time by the formula H=0.05t+3.3 Here t is the number of years since 1900, and H is the winning height in meters. One meter is 39.37 inches. a. Calculate H(4) and explain in practical terms what your answer means. b. By how much did the height of the winning pole vault increase from 1900 to 1904? From 1904 to 1908?arrow_forward
- Reminder Round all answers to two decimal places unless otherwise indicated. Total Revenue and ProfitThis is a continuation of Exercise 15. The total revenue R for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total revenue, we need to know the selling price per unit of the item. To find the total revenue, we multiply this selling price by the number of items produced. The profit P for a manufacturer is the total revenue minus the total cost. If this number is positive, then the manufacturer turns a profit, whereas if this number is negative, then the manufacturer has a loss. If the profit is zero, then the manufacturer is at a break-even point. Suppose the manufacturer of widgets in Exercise 15 sells the widgets for 25each. a.Use a formula to express this manufacturers total revenue R in a month as a function of the number of widgets produced in a month. Be sure to state the units you use. b.Use a formula to express the profit P of this manufacturer as a function of the number of widgets produced in a month. Be sure to state the units you use. c.Express using functional notation the profit of this manufacturer if there are 250 widgets produced in a month, and then calculate that value. d.At the production level of 250 widgets per month, does the manufacturer turn a profit or have a loss? What about at the production level of 1000 widgets per month? 15.Total Cost The total cost C for a manufacturer during a given time period is a function of the number N of items produced during that period. To determine a formula for the total cost, we need to know the manufacturers fixed costs covering things such as plant maintenance and insurance, as well as the cost for each unit produced, which is called the variable, cost. To find the total cost, we multiply the variable cost by the number of items produced during that period and then add the fixed costs. Suppose that a manufacturer of widgets has fixed costs of 9000 per month and that the variable cost is 15 per widget so it costs 15 to produce 1 widget. a. Use a formula to express the total cost of this manufacturer in a month as a function of the number of widgets produced in a month. Be sure to state the units you use. b. Express using functional notation the total cost if there are 250 widgets produced in a month, and then calculate that value.arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. 9. Cell Phone Charges Again One cell phone plan charges a flat monthly rate of 34.95 with extra charges of 0.35 per minute for each minute after the first 4000 minutes and 0.10 per text message after the first 100 text messages. a. Choose letters to represent the variables. b. Write a formula to express the cell phone charges as a function of the number of minutes used assume that the number is at least 4000 and the number of text messages assume that the number is at least 100. c. What are your cell phone charges if you use 6000 minutes and 450 text messages? d. Write the formula to express the cell phone charges, this assuming that the minutes are at least 4000, but the number of text message is less than 100. e. What are your cell phone charges if you use 4200 minutes and 88 text messages?arrow_forwardReminderRound all answers to two decimal places unless otherwise indicated. Minimum WageOn July 24, 2008, the federal minimum wage was 6.55perhour. On July 24, 2009, this wage was raised to 7.25perhour. If W(t) denotes the minimum wage, in dollars per hour, as function of time, in years, use the given information to estimate dWdt in 2009.arrow_forward
- Reminder Round all answer to two decimal places unless otherwise indicated. Gasoline Prices In 1960, the average price per gallon of gasoline was 31 cents per gallon. Form 1960 to 2000, prices increased, on average, by 2.5 cents per gallon per year. 4 a. Using G for the price, in cents per gallon, and t for the time, in years, since 1960, use a formula to express G as linear function of t. b. What price per gallon does the model yield for 1990? Note: The actual price was 1.00 per gallon. c. Use the Internet to find the average price of gasoline for the current year. Does the model from part a give a price near the current price?arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. 8. Cell Phone Charges One cell phone plan charges a flat monthly rate of 35.95 with extra charges of 0.10 per text message after the first 100 text messages. a. Choose letters to represent the variables. b. Write a formula to express the cell phone charges as a function of the number of text messages assume that the number is at least 100. c. Use functional notation to show the cost of the cell phone if you have 450 text messages. Use the formula from part b to calculate the cost. d. Write the formula to express the cell phone charges, this assuming that the number of text messages is less than 100.arrow_forwardReminder Round all answers to two decimal places unless otherwise indicated. Math and the City An article in The New York Times states, "The number of gas stations in a city grows only in proportion to the 0.77 power of population. This means that the approximate number G of gas stations in a city is a power function of the population N, and the power is k=0.77. That is, G=cN0.77, where c is some as yet unknown constant. We measure N in millions. a. If one city is twice as large as another, how do the numbers of gas stations compare? b. The population of Houston, Texas, is 2.2million and, according to Yahoo Local, there are 1239 gas stations in Houston. Use this information to find the value of c. c. Los Angeles has a population of about 3.9million. Using the value of c that you found in part b, estimate the number of gas stations in Los Angeles. Round your answer to the nearest whole number. Note: According to Yahoo Local, the correct number is 2013.arrow_forward
- Functions and Change: A Modeling Approach to Coll...AlgebraISBN:9781337111348Author:Bruce Crauder, Benny Evans, Alan NoellPublisher:Cengage Learning