For Questions 28–37, refer to the following: From years of experience, a bagel shop has determined that at a price of p = $ 2.50 , they will sell x = 450 bagels each week. If they lower the price to p = $ 2.00 , they will sell x = 550 bagels each week. 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 portion of the bagel shop’s fixed weekly costs allotted to bagels is $200, and the supplies to actually produce each bagel cost $0.75. Write an equation that represents the total cost to the shop of producing x bagels. Your equation should look like C = m x + b .
For Questions 28–37, refer to the following: From years of experience, a bagel shop has determined that at a price of p = $ 2.50 , they will sell x = 450 bagels each week. If they lower the price to p = $ 2.00 , they will sell x = 550 bagels each week. 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 portion of the bagel shop’s fixed weekly costs allotted to bagels is $200, and the supplies to actually produce each bagel cost $0.75. Write an equation that represents the total cost to the shop of producing x bagels. Your equation should look like C = m x + b .
Solution Summary: The author calculates the equation for the total cost of the shop of producing x bagels. The portion of fixed cost is 200 and the cost that varies to produce each bagel is 0.75.
For Questions 28–37, refer to the following: From years of experience, a bagel shop has determined that at a price of
p
=
$
2.50
, they will sell
x
=
450
bagels each week. If they lower the price to
p
=
$
2.00
, they will sell
x
=
550
bagels each week.
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 portion of the bagel shop’s fixed weekly costs allotted to bagels is $200, and the supplies to actually produce each bagel cost $0.75. Write an equation that represents the total cost to the shop of producing x bagels. Your equation should look like
C
=
m
x
+
b
.
Turnover is planned at 2.5 for the six-month peris starting February 1 through July 31. Average weekly sales for that period are $75,000. What average stock should be carried in this situation? $800,000 $900,000 O $720,000 $780,000
A certain county taxes the first $ 200,000 of an individual's income at a rate of 12%, while all income over $ 200,000 is taxed at 15% plus $ 30,000. What is the tax if the income is $ 300,000?
In 2011, home prices and mortgage rates fell so far that in a number of cities the
monthly cost of owning a home was less expensive than renting. The following data
show the average asking rent and the monthly mortgage on the median-priced home
(including taxes and insurance) for 10 cities where the average monthly mortgage
payment was less than the average asking rent (The Wall Street Journal, November
26–27, 2011).
7.
City
Rent ($)
Mortgage ($)
Atlanta
840
539
1062
1002
Chicago
Detroit
823
626
DATA file
Jacksonville, Fla.
Las Vegas
779
711
796
655
RentMortgage
1071
953
Miami
977
Minneapolis
Orlando, Fla.
776
851
695
762
651
654
Phoenix
St. Louis
723
Develop a scatter diagram for these data, treating the average asking rent as the inde-
pendent variable. Does a simple linear regression model appear to be appropriate?
b. Use a simple linear regression model to develop an estimated regression equation to
predict the monthly mortgage on the median-priced home given the average asking…
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