In 2007, Linda purchased a house for $120,000. In 2017, the house was worth $245,000. Find the average annual rate of change in
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Answer:
1. <u>Cost per customer</u>: 10 + x
<u>Average number of customers</u>: 16 - 2x
3. $10, $11, $12 and $13
Step-by-step explanation:
<u>Given information</u>:
- $10 = cost of buffet per customer
- 16 customers choose the buffet per hour
- Every $1 increase in the cost of the buffet = loss of 2 customers per hour
- $130 = minimum revenue needed per hour
Let x = the number of $1 increases in the cost of the buffet
<u>Part 1</u>
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<u>Cost per customer</u>: 10 + x
<u>Average number of customers</u>: 16 - 2x
<u>Part 2</u>
The cost per customer multiplied by the number of customers needs to be <u>at least</u> $130. Therefore, we can use the expressions found in part 1 to write the <u>inequality</u>:
<u>Part 3</u>
To determine the possible buffet prices that Noah could charge and still maintain the restaurant owner's revenue requirements, solve the inequality:
Find the roots by equating to zero:
Therefore, the roots are x = 3 and x = -5.
<u>Test the roots</u> by choosing a value between the roots and substituting it into the original inequality:
As 144 ≥ 130, the <u>solution</u> to the inequality is <u>between the roots</u>:
-5 ≤ x ≤ 3
To find the range of possible buffet prices Noah could charge and still maintain a minimum revenue of $130, substitute x = 0 and x = 3 into the expression for "cost per customer.
[Please note that we cannot use the negative values of the possible values of x since the question only tells us information about the change in average customers per hour considering an <em>increase </em>in cost. It does not confirm that if the cost is reduced (less than $10) the number of customers <em>increases </em>per hour.]
<u>Cost per customer</u>:
Therefore, the possible buffet prices Noah could charge are:
$10, $11, $12 and $13.