Example of business applications, Mathematics

Assignment Help:

An apartment complex contains 250 apartments to rent.  If they rent x apartments then their monthly profit is specified by, in dollars,,                                      P ( x ) = -8x2 + 3200x - 80, 000

How several apartments must they rent in order to maximize their profit?

Solution : All that we're actually being asked to do is to maximize the profit subject to the constraint that x must be in the range 0 ≤ x ≤ 250 .

Firstly, we'll required the derivative & the critical point(s) which fall in the range 0 ≤ x ≤ 250

P′  (x)  =-16x + 3200 ⇒        3200 -16 x = 0                 ⇒   x = 3200/ 16 = 200

As the profit function is continuous and we have an interval with finite bounds we can determine the maximum value through simply plugging in the only critical point which we have (that nicely enough in the range of acceptable answers) and the ending points of the range.

P (0) = -80, 000    P ( 200) =240, 000       P ( 250) = 220, 000

therefoer, it looks like they will produce the most profit if only they rent out 200 of the apartments rather than all 250 of them.

There are couples of very real applications to calculus which are in the business world and at some level i.e. the point of this section.  Note as well that to actually learn these applications and all of their intricacies you'll have to take a business course or two or three.  In this section we're only going to scratch the surface & get a feel for some of the real applications of calculus from the business world and some main "buzz" words in the applications.


Related Discussions:- Example of business applications

How much do they save if they pay the bill inside 10 days, Oscar's Oil Comp...

Oscar's Oil Company provides customers a 5% discount if they pay their bill within 10 days. The Stevens' oil bill is $178. How much do they save if they pay the bill inside 10 days

Determine the numbers of sides in regular polygon, If each interior angle o...

If each interior angle of a regular polygon has a calculated as of 144 degrees, Determine the numbers of sides does it have? a. 8 b. 9 c. 10 d. 11   c. The measur

difference between two sample means (large sample), Testing The Difference...

Testing The Difference Between Two Sample Means (Large Samples) A large sample is defined as one which have 30 or more items as n≥30 whereas n is the sample size In a busine

Math, a business is owned by three people.the first owns 1/12 of the busine...

a business is owned by three people.the first owns 1/12 of the business and the second owns 1/6 of the business. what fractional part of the business is owned by the third person

I need help in math badly, I just have a hard time in math in every other c...

I just have a hard time in math in every other class I have an A or B but in math I have a C+ I at least want a B- or B+ or A- or even an A+

Conversion\, how many mg are there in g?

how many mg are there in g?

Euler method for ode, y'' + 2y = 2 - e-4t, y(0) = 1 use euler''s method wit...

y'' + 2y = 2 - e-4t, y(0) = 1 use euler''s method with a step size of 0.2 to find and approximate values of y

Seqence and seies, If the M-th term of an Ap is n andn-th term M.find the p...

If the M-th term of an Ap is n andn-th term M.find the p-th term

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd