Microeconomics chapter 7
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Answer:
The meeting room must be rented for less than 7 hours
Step-by-step explanation:
There are 2 types of costs in this situation
Fixed cost = $ 33
Variable cost = 9.70t
Where t is the number of hours.
The total cost C will be the sum of the fixed cost and the variable cost
We want C to be less than 100.90
So:
We solve for t and obtain.
Step-by-step explanation:
The two like fractions can be set as x and y (just to use two variables).
One of them is , though, so we can set one of the variables equal to that value (I'm just going to make
, it doesn't matter which variable you use).
We also know that adding the two variables gives us so now we can make an equation.
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