Question

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

Answer 1

0.01x2 = (0.1x)2 right?

Answer 2

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

Answer 3

is that the selling price per unit?

Answer 4

is that the selling price per unit?

Answer 5

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

Answer 6

1000

Answer 7

1,000 dollars per x

Answer 8

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

Answer 9

yes

Answer 10

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

Answer 11

50x

Answer 12

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

Answer 13

x^2

Answer 14

x?

Answer 15

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

Answer 16

50

Answer 17

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

Answer 18

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

Answer 19

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

Answer 20

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

Answer 21

so profit is revenue minus cost of production right?

Answer 22

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

Answer 23

revenue per unit?

Answer 24

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

Answer 25

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.

Answer 26

ok sorry, that makes sense now

Answer 27

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

Answer 28

okay great!

Answer 29

makes perfect sense now

Answer 30

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

Answer 31

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

Answer 32

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

Answer 33

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

Answer 34

ok
1,2,3,4,5

Answer 35

also, 0.01 is the cost of production per unit

Answer 36

thanks

Answer 37

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

Answer 38

can anyone help me?

Answer 39

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

Answer 40

ok thanks