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Get Full Access to UA - MATH 116 - Class Notes - Week 1
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UA / Engineering / MATH 116 / What is the quantity of an item or product?

# What is the quantity of an item or product? Description

##### Description: These notes cover the first lesson
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f(x) notationWe also discuss several other topics like ● Non­mediated theatre: theatre observed live, not through an electronic medium Why is Theatre Surviving?

f(x) = 2x + 3Don't forget about the age old question of What is natural selection?

f(x+2) = 2(x+2) +3We also discuss several other topics like Enumerate the top causes of death in the U.S.

Don't forget about the age old question of What pertains to a system of beliefs and knowledge shared by members of a group or society that influences behaviors and attitude?

Demand = the quantity of an item or product consumers are willing to buy (the amount that will be bought)

Supply = the quantity of a product that is available to the consumerIf you want to learn more check out What do you call the process of making an observation of your own emotions and mental state?

If you want to learn more check out What is a dynamic system?

Law of Demand = as the price of a product increases, the demand will decrease

Law of Supply = as the price of the product increases, the supply will increase b/c people are gonna wanna sell more

D(q)= 9 - .75q = P

5.25 = 9 -.75q

q=5

Lower the price         3.75 = q = .75q

Q = 7

S = supply

s(q) = .75q = P

Q = 7

To find = system of equation

P = .75q

+P= q-.75q

----------------

2p=9

P= 4.5 - equilibrium price

equilibrium

Quantity

Fixed Cost

1 time cost

Cost per unit / marginal cost

• How much it costs to make each / a single unit

Example = videogame

• To create \$5,000
• To make copy/package = \$12

Fixed cost 5,000

c(x)= 5,000 + 12x

Revenue

• The money made in sales
• R(x)= 45x

selling it for this

P(x) = r(x) - c(x)        P=Profit        R=revenue        C=cost

Break even

• When total cost is covered by the revenue

c(x)=R(x)

5000+12x=45x

-12x -12x

---------------------

x=151.52

Break even point = 152

Sells sile screen

Marginal cost n produce 1 T-shirt = 3.5

Total cost = 300

Sells them at \$9.00 (revenue)

300 =Fixed cost + 3.5 (60)

300 = FC + 210

-210               -210

-----------------------

FC=90

Break even

9x =90+3.5x

5.5x = 90

X = 17

c(x)=90+3.5x

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