10. Given supply is p = q + 350 and demand is p = 550 - 10q
a. Find the Market Equilibrium Point (q,p):_________________
Draw the first quadrant graph below or on separate paper
11. The variable cost of producing a palm pilot is $48 with fixed costs of $5890. The
phone sells for $110.
a. Find the Cost function_____________________________________
b. Find the Revenue function_____________________________________
c. Find the Profit function_______________________________________
d. Find the Break-Even quantity (x)__________________
12. An investor earns $370 on two bonds, one paying 9.5% and the other paying 12%.
If he has $3500 to invest, how much was invested in each bond?
8. You will invest $64000 in two types of rental units. You want to earn $10890 per year in
order to pay taxes and insurance. How much will you invest in each if one unit earns a 15%
return and the other one earns an 18% return?
9. Fixed costs per month for a small company is $1650 and the variable cost of their product is
$24. If each item sells for $57 each, find the following:
a. The Revenue Function: ___________________________
b. The Cost Function: _______________________________
c. The Profit Function: ______________________________
d. The Break-even quantity
10. The Supply function for a product is p = 6q + 125
The Demand function for that product is p = -2q +341
Find the Market Equilibrium point (q,p)
Lance Armstrong must consume 17000 calories each day during the Tour de France. If
the calories are split requiring 11900 calories from carbs and 5100 calories from protein,
how many ounces of the following foods should he eat per day. One ounce of spaghetti
with meat sauce gives 250 calories of carbs and 50 calories in protein. Each ounce of a
chicken salad sandwich gives 100 calories of carbs and 100 calories of protein.
