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Finding Lines
A.
Review Example
1.
b)
c)
II.
1.
a)
b)
B.
( )
a)
C.
( )
|OR| ( )
1.
2.
3.
( )
( )
( )
|OR|
( )
( )
D.
Demand Function expresses demand q (the # of items demanded) as a
function of the unit price p (the price per item)
1.
( )
a)
b)
E.
Supply Function expresses supply q (the # of items a supplier is willing to
make available) as a function of the unit price p (the price per item)
1.
2.
3.
F.
G.
Examples
1.
You can sell 90 pet chias per week if they are sold for $1 each, but only
30 each week if they are marked at $2 per chia. Your chia supplier is prepared to
sell you 20 chias each week if they are marked at $1 per chia and 100 each week
if they are marked at $2 per chia. Write down the associated demand and
supply functions assuming both are linear. At what price should the chias be
marked so that there is neither a surplus nor a shortage of chias? (equilibrium
price)
a)
demand function
supply function
b = -60
b)
5
equilibrium price
2.
Your family runs a business from your home, making beautiful cakes for
all occasions. Suppose you are currently selling 150 cakes each month at $30
each. You speculate that raising your price by $1 will result in 5 fewer sales. Use
the given info to formulate a demand function, expressing the number of cakes
sold as a function of the price. Find the price that would result in selling no cakes
at all. Suppose that the raw materials for each cake cost you $14 and that your
fixed costs are $1145. Express your profit for your business as a function of the
price and find the price that will result in the highest possible profit.
a)
5(3 )
()
b)
c)
III.
Exponents
A. Law of Exponents
1.
2.
3.
B.
4.
5.
6.
7.
(
(
(
8.
( )
( )
Compound Interest
1.
Compound Interest
a)
2.
( )
( )
Logs
1.
2.
V.
Exponential Function
1.
IV.
)
)
Log Rules
a)