provide detailed solution steps
Note: For all the questions, provide detailed solution steps
Question 1. (12 points, 2 each)
A company manufactures cabinets. Fixed costs are $550 and the cost of producing each cabinet is $4.6 . Selling price per cabinet is $37 . Find:
a) The fixed cost of cabinets. (2 points)
b) The variable cost of cabinets (suppose q is the number of cabinets produced).
(2 points)
c) The equation corresponding to the Total cost of cabinets. (2 points)
d) The Total cost of cabinets if 250 cabinets are produced. (2 points)
e) The Total Revenue for q cabinets sold. (2 points)
f) The Total Revenue from selling 30 cabinets. (2 points)
Question 2. (9 points, 3 each)
Solve the following equations to find the value of without using the calculator.
a) (3 points)
b) (3 points)
c) (3 points)
Question 3. (10 points)
Use elimination by substitution to solve the system.
Question 4. (4 points)
Question 5. (15 points, 5 each)
Consider the matrix , Find:
a) The determinant (5 points)
b) The inverse matrix () (5 points)
c) The transpose matrix () (5 points)
Question 6. (15 points, 5 each)
Suppose $5123 is invested for 10 years at 3.8% compounded annually.
a) Specify (5 points)
b) Find the Future value after 10 years. (5 points)
c) Find the compound interest after 10 years (5 points)
Question 7. (15 points, 5 each)
Of the curves A, B, and C, which is the graph of ? _____ (5 points)
Of the curves A, B, and C, which is the graph of ? _____ (5 points)
Of the curves A, B, and C, which is the graph of ? _____ (5 points)
Question 8. (20 points, 5 each)
Let be the supply equation for a manufacturer’s product
and the demand equation. Where q represents number of units and p represents price per unit in dollars.
a) At what price the supplier will produce 30 units? (5 points)
b) For p =$ 3 Calculate the quantity demanded (q demanded) (5 points)
c) For p =$ 10 Calculate the quantity supplied (q supplied) (5 points)
d) Determine the equilibrium point. (5 points)
Page 1 of 9
