1. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER I want to fence in a square vegetable patch. The fencing for the east and west sides costs $6 per foot, and the fencing for the north and south sides costs only $3 per foot. Find the total cost (in dollars) of the fencing as a function of the length (in feet) of a side x. Need Help? Read it Submit Answer 2. [-/8 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The cost of renting tuxes for the Choral Society's formal is $28 down, plus $84 per tux. Express the cost C as a function of x, the number of tuxedos rented. C(x) = Use your function to answer the following questions. (a) What is the cost of renting two tuxes? $ (b) What is the cost of the second tux? $ (c) What is the cost of the 4,098th tux? $ (d) What is the variable cost? What is the fixed cost? $ What is the marginal cost? $\f5. [-/3 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The hourly operating cost of a plane which seats up to 405 passengers is estimated to be $5,319. If an airline charges each passenger a fare of $90 per hour of flight, find the hourly profit Fit earns operating the plane as a function of the number of passengers x. [HINT: The cost function is constant (variable cost = 0).] P(x) = Specify the domain. (Enter your answer using interval notation.) What is the least number of passengers the plane must carry to make a profit? (Round your answer up to the nearest whole number.) passengers Need Help? Read It Watch It 6. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The Metropolitan Company sells its latest product at a unit price of $4. Variable costs are estimated to be 20% of the total revenue, while fixed costs amount to $7,600 per month. How many units should the company sell per month to break even, assuming that it can sell up to 5,000 units per month at the planned price? units Need Help? Read It Watch It 7. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Equilibrium Price: Skateboards The demand for your hand-made skateboards, in weekly sales, is q = -5p + 800 if the selling price is $p. You are prepared to supply q = 5p - 500 per week at the price $p. What price should you sell your skateboards for so that there is neither a shortage nor a surplus? $ per skateboard Need Help? Read It3. [-/5 Points] DETAILS Your college newspaper, The Collegiate Investigator, has fixed production costs of $72 per edition and marginal printing and distribution costs of 41c per copy. The Collegiate Investigator sells for 51c per copy. (a) Write down the associated cost function C(x) in dollars. C(x) = Write down the revenue function R(x) in dollars. R(x) = Write down the profit function P(x) in dollars. P(x) = (b) What profit (or loss) results from the sale of 500 copies of The Collegiate Investigator? $ (c) How many copies should be sold in order to break even? copies Need Help? Read It4. [-/5 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The Audubon Society at Enormous State University (ESU) is planning its annual fund-raising "Eat-a-thon." The society will charge students 55c per serving of pasta. The only expenses the society will incur are the cost of the pasta, estimated at 190 per serving, and the $360 cost of renting the facility for the evening- (=) Write down the associated cost function C(x) in dollars. C(x) = Write down the revenue function R(x) in dollars. R(x ) = Write down the profit function P(x) in dollars. P(x) = (b) How many servings of pasta must the Audubon Society sell to break even? servings (c) what profit (or loss) results from the sale of 1,500 servings of pasta? $8. [-/3 Points] DETAILS Equilibrium Price: Cell Phones Worldwide annual sales of a certain product were approximately -7p + 1,600 million products when the wholesale price was $p. (=) If manufacturers are prepared to supply q = 14p - 800 million products per year at a wholesale price of $p, what would be the equilibrium price? (Round your answer to the nearest cent.) $ (b) The actual wholesale price was projected to be $75 in the fourth quarter of 2008. Estimate the projected shortage or surplus at that price. There is an estimated | --Select-- v million products. -Select- surplus Need Help? Read It shortage Submit Answer9. [-/1 Points] DETAILS My bank balance can be modeled by B(:) = 5,000 - 500t dollars, where t is time in days since I opened the account. The balance on my account is -Select-- by $500 per day. -Select- increasing Need Help? Read It decreasing Submit Answer10. [-/2 Points] DETAILS Fill in the blanks: In a linear cost function, the ---Select-- V cost is x times the ---Select- v COST. Select- Need Help? Read It BIqBUEn BUIBJEW fixed total Submit Answer11. [-/1 Points] DETAILS MY NOTES ASK YOUR TEACHER Complete the following sentence: In a linear cost function, the marginal cost is the --Select- v cost per item. -Select- Need Help? Read It fixed abstract additional Submit Answer 12. [-/2 Points] DETAILS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER What would happen to the price of a certain commodity if the demand was always greater than the supply? O There would be a shortage of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. O There would be a shortage of supply at any given price. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. O There would be surplus of supply at any given price. Consumers would be willing to pay more for an abundant commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. O There would be a surplus of supply until the supply equals the demand. Consumers would be willing to pay more for a scarce commodity and sellers would charge more, resulting in an upward spiral of the prices for the commodity. Illustrate with a demand and supply graph. 12 12 12 12 10 10 10 10 Demand g Supply 6 Demand Supply Supply Demand Supply 4 Demand N O 2 10 2 8 10 2 10 2 6 8 10