Consider a fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z. The demand for Model Z depen
1 answer:
The ratio X/Y for the fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z is 10/pY.
<h3>What is a mathematical model?</h3>A mathematical model is the model which is used to explain the any system, the effect of the components by study and estimate the functions of systems.
Consider a fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z.
The demand for Model Z depends on the gasoline price (q) because customers tend to purchase an electronic vehicle as a substitute for vehicles that run on gasoline when the gasoline price increases.
The demand for Model Z is estimated as
Here, <em>p</em> is the price of Model Z.
Consider the following two statements:
- 1. When the average gasoline price q increases by $1, the revenue-maximizing price p" increases by $X.
- 2. When the average gasoline price q increases by $1, the demand at the revenue-maximizing price (i.e., D(p*)) increases by a factor of Y.
Put the value of demand at the revenue-maximizing price as,
Thus, the ratio X/Y for the fictitious company, Teslala, that produces a single type of electronic vehicle, Model Z is 10/pY.
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Answer:
(a) The dependant veriable is the $120 per hour and the independant veriable is the $75 consultaion fee.
(b) The table of vaules for this would look like this, , where C = cost and T = time.
(c) The relationship between C and T is linear, beacause with the more hours you take the cost increases.
(d) Yes, it is sensible because the points would be in line due to the steady increase of the hourly rate.
(e) For every hour spent the cost increases 120 dollars.
(f) The fixed cost is 75 dollars for consultation and the veriable cost is 120 per hour.
Check the attached file for the solution.
