Macroeconomics: Principles, Problems, & Policies
20th Edition
ISBN: 9780077660772
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Chapter 1.A, Problem 4AP
To determine
Construct the equation and predict the savings.
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Construct a table from the data shown on the graph below. Which is the dependent variable and which the independent variable? Summarize the data in equation form.
Construct a table from the data shown. Which is the dependent variable and which is the independent variable? Summarize the data in equation form.
A kids' organization sold 570 bars last year at $ 2.55 per candy bar. Research has suggested that for each $
0.25 price increase, they will sell 20 less candy bars. They want to know what price should they sell their
candy bars at to maximize their revenue.
Please help them out, showing your work neatly in the following steps. And please label the steps clearly
with the letters A through F
A) Define your variables. This means that for every letter you use to represent a value, you communicate
what it equals in words.
B) Find the linear equation that relates the price and the number sold.
C) Determine a function that represents the Revenue.
(Remember, Revenue = (Price)*(Number Sold)).
D) Graph your revenue function on your calculator or Desmos or something similar and on your paper,
labeling the axes and the maximum point.
E) Uusing your calculator or Desmos or something similar, use your graph to determine the price that
maximizes the revenue for the organization.
Do NOT use calculus…
Chapter 1 Solutions
Macroeconomics: Principles, Problems, & Policies
Ch. 1.2 - Prob. 1QQCh. 1.2 - Prob. 2QQCh. 1.2 - Prob. 3QQCh. 1.2 - Prob. 4QQCh. 1.A - Briefly explain the use of graphs as a way to...Ch. 1.A - Prob. 2ADQCh. 1.A - Prob. 3ADQCh. 1.A - Prob. 1ARQCh. 1.A - Prob. 2ARQCh. 1.A - Prob. 2ARQ
Ch. 1.A - Prob. 1APCh. 1.A - Prob. 2APCh. 1.A - Prob. 3APCh. 1.A - Prob. 4APCh. 1.A - Prob. 5APCh. 1.A - Prob. 6APCh. 1.A - Prob. 7APCh. 1.A - Prob. 7APCh. 1.A - Prob. 8APCh. 1.A - Prob. 8APCh. 1 - Prob. 1DQCh. 1 - Prob. 2DQCh. 1 - Prob. 3DQCh. 1 - Prob. 4DQCh. 1 - Prob. 5DQCh. 1 - Prob. 6DQCh. 1 - Prob. 7DQCh. 1 - Prob. 8DQCh. 1 - Prob. 9DQCh. 1 - Prob. 10DQCh. 1 - Prob. 11DQCh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 1PCh. 1 - Prob. 2PCh. 1 - Prob. 3PCh. 1 - Prob. 4PCh. 1 - Prob. 5PCh. 1 - Prob. 6PCh. 1 - Prob. 7PCh. 1 - Prob. 8P
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