MATH 1071Q Study Guide - Quiz Guide: Equilibrium Point
Document Summary
Section objectives: work through the 3 basic steps related to mathematical modeling: formulation, math- ematical manipulation and evaluation, know the di erence between xed and variables costs. Relate these to the ideas of surplus and shortages: know how to get quadratic revenue functions from linear demand functions, put quadratic functions in standard form to nd the minimum or maximum. Practice problems: jake notices there is a demand on campus for 3d printed trinkets so he decides to set-up a 3d printing shop in his dorm room. He designs and sells custom uconn eyewear which are a hit a basketball games. Since he is the sole provider, his prices are a ected by supply and demand. (a) when he prices the eyewear at , he nds he can sell 120 per game. When they are , he can sell 150 per game.
