Refer to the table for the problem set 3:

This table is for the price ( P ) of a wallet at a luggage counter over the course of a day set by a store owner who would be getting a shipment of new wallets the following day and wanted to make sure that he had cleared the old wallets out of his inventory before the new ones came in. T is the time in hours, starting the count from when the store opened.
N is the number of wallets sold at the corresponding price (same row in the table).

(a) If we use subscripted notation to refer to the table entries for T and P , what is T₁ , P₃ , N₄ , and T₅ ?

(b) How many wallets were sold at more than $20 per wallet? How many wallets were sold all together?

(c) If the storekeeper paid $12 each for these wallets, not counting overhead, did he make or lose money that day? If overhead (rent, electricity, etc.) costs $100 a day, did the storekeeper make or lose money that day?

Transcribed Image Text:

T (hours) P ($) N (number of wallets sold) 6 2 0 02 25.00 24.00 4 23.00 9 21.00 224 2 8 18.00 8 10 14.00 16