Annual profit in thousands of dollars is given by the function, P(x) = -.01x2 + 50x + 30,000, where x is the number of items sold, x ≥ 0.
describe the meaning of the number -.01 in the formula
describe the meaning of the number 30,000 in the formula
find the profit for 5 different values of x
graph the profit function over its given domain; use the 5 values calculated in part c to construct the graph and connect these points with a smooth curve in Excel or another graphing utility. Insert the graph in a Word file and attach the graph in a Word file to the class DB thread.
will this profit fu

- anonymous

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- anonymous

0.01x2 = (0.1x)2 right?

- anonymous

lets try doing this together. what do you think the number -0.01 means?

- anonymous

is that the selling price per unit?

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## More answers

- anonymous

is that the selling price per unit?

- anonymous

lets try this again. suppose i sold you x items for 1000 dollars, how much is the cost of each item?

- anonymous

1000

- anonymous

1,000 dollars per x

- anonymous

so, 1000/x is the cost of each item right? so, number of items times cost of each item is total selling price correct?

- anonymous

yes

- anonymous

if i sell you x items for 50 dollars each, what is the total price?

- anonymous

50x

- anonymous

okay. so what is the selling price in your equation, 0.01 or 50?

- anonymous

x^2

- anonymous

x?

- anonymous

I gave you the two choices. is it 0.01 or 50?

- anonymous

50

- anonymous

okay good. So, x items are sold for 50 dollars each. now, your equation is for the profit. How do you make profit?

- anonymous

p(x)= r(x)-c(x)

- anonymous

what are p(x), r(x) and c(x)?

- anonymous

p(x)= -.01x^2+ 50x+30000
x=-b/2a
a=-.01
b=50
c= 30000

- anonymous

so profit is revenue minus cost of production right?

- anonymous

so 30000 is the cost of production. 50 is the selling price. so what could 0.01 be?

- anonymous

revenue per unit?

- anonymous

i don't know? i feel so dumb right now

- anonymous

no. notice that 0.01 is negative. It means that it is a loss. so it means that approximately 1 percent of the units are defective.

- anonymous

ok sorry, that makes sense now

- anonymous

so, the company cannot make a profit from the defective items, so it has to subtract its losses from the profit.

- anonymous

okay great!

- anonymous

makes perfect sense now

- anonymous

so do i just choose 5 random numbers to plug into the equation

- anonymous

0,1,2,3,4,5 into x and solve for it?

- anonymous

yeah, you can put in any 5 values of x.

- anonymous

you shouldn't put x = 0, it means that no items were produced or sold.

- anonymous

ok
1,2,3,4,5

- anonymous

also, 0.01 is the cost of production per unit

- anonymous

thanks

- anonymous

to find the profit maximum
do i use the formula, x=-b/2a

- anonymous

can anyone help me?

- anonymous

I don't know. why don't you post it again maybe someone can help

- anonymous

ok thanks

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