Math 156 Brookdale Community College Math Group Project

I am very confuse on all parts of the project and need help. Can someone help me?

9/13/10
Group Project 1
MATH 156
Project 1 is due Thursday July 2
Projects is worth 25 points, projects handed in after the due date will lose 1 point per day
1.
The following table gives the price and demand for a certain brand of calculator.
Demand in hundreds
Price in dollars
4
125
9
119
15
108
22
97
25
91
32
80
a.
Find the linear demand function using regression in Excel or with your
calculator.
b.
Report and interpret the slope of your demand function.
c.
Using your function find the price when the demand is zero.
d.
Using your function find the demand when the price is $100 algebraically.
e.
A supplier is willing to supply 800 calculators when the price is $36.80
and is willing to supply 1500 calculators when the price is $51.50. If the
supply function is linear, find the supply function algebraically letting x be
hundreds of calculators.
f.
Find the equilibrium point algebraically using your demand and
supply functions. Interpret the meaning of this point in a sentence.
g.
Graph the supply and demand equations on the same set of axis with your
graphing calculator or graphing utility. Copy the graph into your paper.
Make sure you include a title, the scale, label the axes, and clearly label each
function with the equation.
h.
Label the equilibrium point on your graph.
i.
Suppose the price of the calculator is now $40, predict what will happen
to the price and explain why using supply and demand.
1
2.
a.
Remember that Revenue is (price)(x). Take the demand function from 1a. and
find the revenue function. Since price is in dollars and x is in hundreds of
calculator then revenue is in hundreds of dollars.
b.
What kind of function is the Revenue function?
c.
Find the maximum revenue algebraically. Explain its meaning using a sentence.
d.
Find when the Revenue function is zero.
3.
a.
b.
What kind of function is the Average cost function?
c.
Find the horizontal asymptote algebraically. What does it mean for the function?
The average cost function is found by taking the cost function and dividing by x.
If the cost function for an appliance store is 𝐶(𝑥) = 175𝑥 + 22,500
where
x : Number of air conditioners and C(x) is total cost in dollars of producing and
selling x air conditioners. Find the average cost function.
2
9/13/10
Group Project 1
MATH 156
Project 1 is due Thursday July 2
Projects is worth 25 points, projects handed in after the due date will lose 1 point per day
1.
The following table gives the price and demand for a certain brand of calculator.
Demand in hundreds
Price in dollars
4
125
9
119
15
108
22
97
25
91
32
80
a.
Find the linear demand function using regression in Excel or with your
calculator.
b.
Report and interpret the slope of your demand function.
c.
Using your function find the price when the demand is zero.
d.
Using your function find the demand when the price is $100 algebraically.
e.
A supplier is willing to supply 800 calculators when the price is $36.80
and is willing to supply 1500 calculators when the price is $51.50. If the
supply function is linear, find the supply function algebraically letting x be
hundreds of calculators.
f.
Find the equilibrium point algebraically using your demand and
supply functions. Interpret the meaning of this point in a sentence.
g.
Graph the supply and demand equations on the same set of axis with your
graphing calculator or graphing utility. Copy the graph into your paper.
Make sure you include a title, the scale, label the axes, and clearly label each
function with the equation.
h.
Label the equilibrium point on your graph.
i.
Suppose the price of the calculator is now $40, predict what will happen
to the price and explain why using supply and demand.
1
2.
a.
Remember that Revenue is (price)(x). Take the demand function from 1a. and
find the revenue function. Since price is in dollars and x is in hundreds of
calculator then revenue is in hundreds of dollars.
b.
What kind of function is the Revenue function?
c.
Find the maximum revenue algebraically. Explain its meaning using a sentence.
d.
Find when the Revenue function is zero.
3.
a.
b.
What kind of function is the Average cost function?
c.
Find the horizontal asymptote algebraically. What does it mean for the function?
The average cost function is found by taking the cost function and dividing by x.
If the cost function for an appliance store is 𝐶(𝑥) = 175𝑥 + 22,500
where
x : Number of air conditioners and C(x) is total cost in dollars of producing and
selling x air conditioners. Find the average cost function.
2