Answers
QMI1500 Assignment 02 Semester 01 2020 Answers
- Course
- Institution
QMI1500 Assignment 02 Semester 01 2020 Assignment Questions with Answers and workings
[Show more]
1 review
By: ndyebophillips7 • 3 year ago
Seller
Follow
aj107
Reviews received
Content preview
QMI1500Elementary Quantitative Methods
Assignment 01 for Semester 01 (compulsory)
Unique Number 839368
Preview of Question 1
The study shows that the demand (number of units sold) for a new product is 1 100
units per week when priced at R350, and 850 units per week when priced at R400.
Let 𝑥 represent the price of the product and 𝑦 the demand per week. Assume that
the relationship between the price and demand is linear and that the demand is
dependent on the price. The linear equation you could use to predict the demand for
other prices, is
1. 𝑦 = −50𝑥 + 350.
2. 𝑦 = −5𝑥 + 2850.
3. 𝑦 = 150𝑥 + 850.
4. 𝑦 = −5𝑥 + 450.
Answer:
1 100 units per week @ R350
850 units per week @ R400
𝑥 = Price of the product
𝑦 = Demand per week
𝑦 = 𝑎𝑥 + 𝑏
𝑦2−𝑦1
𝑎= 𝑥2−𝑥1
850−1 100
𝑎= 𝑅400−𝑅350
−250
𝑎= 𝑅50
𝑎 = −5
Therefore:
𝑦 = −5𝑥 + 6
And 1 100 = −5(𝑅350) + 6
= −5 × 𝑅350 + 6
= −1 750 + 6
, Add 1750 on both sides:
1 100 + 1 750 = −1 750 + 1750 + 6
2850 = 𝑏
Therefore:
𝑦 = −5𝑥 + 2850
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller aj107. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.77. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53022 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now