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Often, the sales data of each individual product is analyzed separately, which can be used to help set pricing and other sales strategies. Application Practice Answer the following questions. Use Equation Editor to write mathematical expressions and equations.
First, save this file to your hard drive by selecting Save As from the File menu. Click the white space below each question to maintain proper formatting.
In this problem, we analyze the profit found for sales of decorative tiles. A demand equation sometimes called a demand curve shows how much money people would pay for a product depending on how much of that product is available on the open market.
Often, the demand equation is found empirically through experiment, or market research.
Find the equation of the line for the demand equation. Write an equation using two points in the form x,p. For a single product, you can find the revenue by multiplying the quantity of the product sold, x, by the demand equation, p.
Substitute the result you found from part a.
Provide your answer in simplified form. 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. Let x represent the number of tile sets. If b represents a fixed cost, what value would represent b?
Find the cost equation for the tile. The profit made from the sale of tiles is found by subtracting the costs from the revenue. Find the Profit Equation by substituting your equations for R and C in the equation.
What is the profit made from selling 20 tile sets per month? What is the profit made from selling 25 tile sets each month? What is the profit made from selling no tile sets each month? Use trial and error to find the quantity of tile sets per month that yields the highest profit.
How much profit would you earn from the number you found in part i?reviews of Walden University written by students.
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