Questions:
- The grocer decided to re-evaluate
how much hamburger he will supply. He has determined that he will base his
supply on y = 240x + 60, with x being the retail price
he will charge. Assume consumer demand is y pounds per day, where y
= – 150x + 900. At what retail price will the supply equal the demand?
What are the pounds associated with this price?
Answer
- Consumer
reports are revised to reflect a change in consumer demand to give a new equation
where y = – 120x + 900. The grocer determines his supply based
on the formula, y = 240x + 60. What is the point at which demand
and supply are equal? Give the pounds and retail selling price.
Answer
- Change all of the four values until
they are largest they can be for this application. What are the resulting
equations and points where supply meets demand? Remember, you are changing
to the "largest" possible values.
Answer
- Next, change all values until they
are the smallest they can be. What are the results this time?
Answer
- The grocer has 500 pounds of hamburger
that he wants to sell. Based on consumer studies and the information in problem
#2, what is the highest price he can set and still hope to sell all 500 pounds?
Answer
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