Find a linear equation to solve for the following unknown quantities: One number is three more than twice another number. If the sum of the two numbers is
find the numbers.
Setting up a linear equation to solve a real-world application
There are two cell phone companies that offer different packages. Company A charges a monthly service fee of $34 plus $.05/min talk-time. Company B charges a monthly service fee of $40 plus $.04/min talk-time.
Write a linear equation that models the packages offered by both companies.
If the average number of minutes used each month is 1,160, which company offers the better plan?
If the average number of minutes used each month is 420, which company offers the better plan?
How many minutes of talk-time would yield equal monthly statements from both companies?
The model for Company
A can be written as
This includes the variable cost of
plus the monthly service charge of $34. Company
B ’s package charges a higher monthly fee of $40, but a lower variable cost of
Company
B ’s model can be written as
If the average number of minutes used each month is 1,160, we have the following:
So, Company
B offers the lower monthly cost of $86.40 as compared with the $92 monthly cost offered by Company
A when the average number of minutes used each month is 1,160.
If the average number of minutes used each month is 420, we have the following:
If the average number of minutes used each month is 420, then Company
A offers a lower monthly cost of $55 compared to Company
B ’s monthly cost of $56.80.
To answer the question of how many talk-time minutes would yield the same bill from both companies, we should think about the problem in terms of
coordinates: At what point are both the
x- value and the
y- value equal? We can find this point by setting the equations equal to each other and solving for
x.
Check the
x- value in each equation.
Therefore, a monthly average of 600 talk-time minutes renders the plans equal. See
[link]
Find a linear equation to model this real-world application: It costs ABC electronics company $2.50 per unit to produce a part used in a popular brand of desktop computers. The company has monthly operating expenses of $350 for utilities and $3,300 for salaries. What are the company’s monthly expenses?
Many applications are solved using known formulas. The problem is stated, a formula is identified, the known quantities are substituted into the formula, the equation is solved for the unknown, and the problem’s question is answered. Typically, these problems involve two equations representing two trips, two investments, two areas, and so on. Examples of formulas include the
area of a rectangular region,
the
perimeter of a rectangle,
and the
volume of a rectangular solid,
When there are two unknowns, we find a way to write one in terms of the other because we can solve for only one variable at a time.
Questions & Answers
differentiate between demand and supply
giving examples
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
