MATH 156 Brookdale Community College Rate of Inflation Worksheet

Math project that was assigned yesterday and is due tomorrow, but I got confused and have work.

Project 3
1. The rate of inflation since 1920 is about 3.24%. So you can use the formula 𝑆 = 𝑃(1.0324)𝑡 to find
what something is worth t years from now or what it was worth. For example if a business man makes
$120,000 now you could figure out what they made in 1970 by putting in 120,000 for S and 50 for t.
Then solve for P.
Now pick 2 costs or salaries from now and find what they were in the past.
And then find what they will be worth in the future.
2.
2. Given the following
Supply function: p  8ln(q  4) , p: price in dollars q: Thousands of
Scientific Calculators
Demand Function: p  60e0.083q , p: price in dollars q: Thousands of
Scientific Calculators
a.) Graph both functions use Xmin = 0, Xmax = 40,
Ymin = 0, Ymax = 60
b.) Find and interpret the equilibrium point using your calculator.
c.) Find the supply and demand when the price is $30 using algebra and explain in complete
sentences what will happen to the market and why.