anonymous
  • anonymous
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
Mathematics
  • Stacey Warren - Expert brainly.com
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chestercat
  • chestercat
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anonymous
  • anonymous
0.01x2 = (0.1x)2 right?
anonymous
  • anonymous
lets try doing this together. what do you think the number -0.01 means?
anonymous
  • anonymous
is that the selling price per unit?

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anonymous
  • anonymous
is that the selling price per unit?
anonymous
  • anonymous
lets try this again. suppose i sold you x items for 1000 dollars, how much is the cost of each item?
anonymous
  • anonymous
1000
anonymous
  • anonymous
1,000 dollars per x
anonymous
  • 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
  • anonymous
yes
anonymous
  • anonymous
if i sell you x items for 50 dollars each, what is the total price?
anonymous
  • anonymous
50x
anonymous
  • anonymous
okay. so what is the selling price in your equation, 0.01 or 50?
anonymous
  • anonymous
x^2
anonymous
  • anonymous
x?
anonymous
  • anonymous
I gave you the two choices. is it 0.01 or 50?
anonymous
  • anonymous
50
anonymous
  • 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
  • anonymous
p(x)= r(x)-c(x)
anonymous
  • anonymous
what are p(x), r(x) and c(x)?
anonymous
  • anonymous
p(x)= -.01x^2+ 50x+30000 x=-b/2a a=-.01 b=50 c= 30000
anonymous
  • anonymous
so profit is revenue minus cost of production right?
anonymous
  • anonymous
so 30000 is the cost of production. 50 is the selling price. so what could 0.01 be?
anonymous
  • anonymous
revenue per unit?
anonymous
  • anonymous
i don't know? i feel so dumb right now
anonymous
  • 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
  • anonymous
ok sorry, that makes sense now
anonymous
  • anonymous
so, the company cannot make a profit from the defective items, so it has to subtract its losses from the profit.
anonymous
  • anonymous
okay great!
anonymous
  • anonymous
makes perfect sense now
anonymous
  • anonymous
so do i just choose 5 random numbers to plug into the equation
anonymous
  • anonymous
0,1,2,3,4,5 into x and solve for it?
anonymous
  • anonymous
yeah, you can put in any 5 values of x.
anonymous
  • anonymous
you shouldn't put x = 0, it means that no items were produced or sold.
anonymous
  • anonymous
ok 1,2,3,4,5
anonymous
  • anonymous
also, 0.01 is the cost of production per unit
anonymous
  • anonymous
thanks
anonymous
  • anonymous
to find the profit maximum do i use the formula, x=-b/2a
anonymous
  • anonymous
can anyone help me?
anonymous
  • anonymous
I don't know. why don't you post it again maybe someone can help
anonymous
  • anonymous
ok thanks

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