Business Case No. II Quadratic equations are sometimes used to model situations and relationships in business, science and medicine. A common use in business is to maximize profit, that is, the difference between the total revenue (money taken in) and the production costs (money spent). The relationship between the price of an item and the quantity sold is often linear. In other words, e.g., for each $1 increase in price there is a corresponding decrease in quantity sold. (Think about it: if the price of something goes up, do you buy more or less? Hopefully less!) Company - Sensor instrument s.r.o. sells different types of sensors. A relationship between the selling price of an item and quantity sold is given by the table below Determine a relationship between the selling price of an item and the quantity sold, write the equation. What type of function is that? Plot the function. The amount of profit will be found by taking the total revenue (the quantity sold multiplied by the selling price) and subtracting the cost to produce the all the items: Profit = Total Revenue - Production Costs. The cost to produce each item is $8. Evaluate at what selling price they make the most money. Write down the profit function (equation) and show a graph of the profit function. Make all the calculations and graphs in excel, the excel sheet is required and it is a part of your final grade. A part of the grade is also a short report (A4 word document) that includes most important graphs, your discussion and conclusions. Business Case No. II Quadratic equations are sometimes used to model situations and relationships in business, science and medicine. A common use in business is to maximize profit, that is, the difference between the total revenue (money taken in) and the production costs (money spent). The relationship between the price of an item and the quantity sold is often linear. In other words, e.g., for each $1 increase in price there is a corresponding decrease in quantity sold. (Think about it: if the price of something goes up, do you buy more or less? Hopefully less!) Company - Sensor instrument s.r.o. sells different types of sensors. A relationship between the selling price of an item and quantity sold is given by the table below Determine a relationship between the selling price of an item and the quantity sold, write the equation. What type of function is that? Plot the function. The amount of profit will be found by taking the total revenue (the quantity sold multiplied by the selling price) and subtracting the cost to produce the all the items: Profit = Total Revenue - Production Costs. The cost to produce each item is $8. Evaluate at what selling price they make the most money. Write down the profit function (equation) and show a graph of the profit function. Make all the calculations and graphs in excel, the excel sheet is required and it is a part of your final grade. A part of the grade is also a short report (A4 word document) that includes most important graphs, your discussion and conclusions