A tech company has developed a new compact, high efficiency battery for hand-held devices.
A tech company has developed a new compact, high efficiency battery for hand-held devices. Market projections have estimated the cost and revenue of manufacturing these batteries by the equations graphed below.
Graph titled Cost and Revenue. Y axis titled Dollar Value by the Thousand from 8 to 88 in increments of 8 and x axis titled Batteries by the Thousand from 8 to 88 in increments of 8. Red Cost line with equation y=0.4x+32 starting at 32,0 to 64,72. Blue Revenue link with equation y=1.2x starting at 0,0 to 88,72
Show and explain all steps in your responses to the following parts of the assignment. All mathematical steps must be formatted using the equation editor.
Part 1: Use the substitution method to determine the point where the cost equals the revenue.
Part 2: Interpret your results from Part 1 in the context of the problem.
Part 3: Do your results from Part 1 correspond with the graph? Explain.
Part 4: Profit is found by subtracting cost from revenue. Write an equation in the same variables to represent the profit.
Part 5: Find the profit from producing 100 thousand batteries.
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