
30. M
ARKET
E
QUILIBRIUM
Given the demand equation 3x
p 40 0 and the supply equation 2x p 10 0,
where p is the unit price in dollars and x represents the
quantity demanded in units of a thousand, determine the
equilibrium quantity and the equilibrium price.
31. C
OLLEGE
A
DMISSIONS
The accompanying data were com-
piled by the Admissions Office of Carter College during
the past 5 yr. The data relate the number of college
brochures and follow-up letters (x) sent to a preselected list
of high school juniors who took the PSAT and the number
of completed applications (y) received from these students
(both measured in thousands).
a. Derive an equation of the straight line L that passes
through the points (2, 0.5) and (4, 1).
b. Use this equation to predict the number of completed
applications that might be expected if 6400 brochures
and follow-up letters are sent out during the next year.
32. M
ARKET
E
QUILIBRIUM
The demand equation for the Edmund
compact refrigerator is 2x 7p 1760 0, where x is the
quantity demanded each week and p is the unit price in
dollars. The supply equation for these refrigerators is 3x
56p 2680 0, where x is the quantity the supplier will
make available in the market when the wholesale price is
Brochures Sent, x 4 4.8
Applications Completed, y 1 1.3
Brochures Sent, x 1.8 2 3.2
Applications Completed, y 0.4 0.5 0.7
p dollars each. Find the equilibrium quantity and the equi-
librium price for the Edmund compact refrigerators.
33. M
ODELING WITH
D
ATA
The average hourly salary (in dol-
lars) of hospital nurses in metropolitan Boston from 2000
through 2004 is given in the following table (x 0 corre-
sponds to 2000):
a. Find an equation of the least-squares line for these data.
b. If the trend continued, what was the average hourly salary
of nurses in 2006?
Source: American Association of Colleges of Nursing
34. M
ODELING WITH
D
ATA
The Census Bureau projections of
female life expectancy at age 65 in the United States are
summarized in the following table
(x 0 corresponds to
2000):
a. Find an equation of the least-squares line for these data.
b. Use the result of part (a) to estimate the life expectancy at
65 of a female in 2040. How does this result compare with
the given data for that year?
c. Use the result of part (a) to estimate the life expectancy at
65 of a female in 2030.
Source: U.S. Census Bureau
Year, x 0 1020304050
Years beyond
65, y 19.5 20.0 20.6 21.2 21.8 22.4
Year 2000 2001 2002 2003 2004
Hourly Salary, y 27 29 31 32 35
1. Plot the points A(2, 1) and B(3, 4) on the same set of axes
and find the distance between A and B.
2. Find an equation of the line passing through the point
(3, 1) and parallel to the line 3x y 4 0.
3. Let L be the line passing through the points (1, 2) and
(3, 5). Is L perpendicular to the line 2x 3y 10?
4. The monthly total revenue function and total cost function
for a company are R(x) 18x and C(x) 15x 22,000,
respectively, where x is the number of units produced and
both R(x) and C(x) are measured in dollars.
a. What is the unit cost for producing the product?
b. What is the monthly fixed cost for the company?
c. What is the selling price for each unit of the product?
5. Find the point of intersection of the lines 2x 3y 2
and 9x 12y 25.
6. The annual sales of Best Furniture Store are expected to be
given by S
1
4.2 0.4t million dollars t yr from now,
whereas the annual sales of Lowe’s Furniture Store are
expected to be given by S
2
2.2 0.8t million dollars t yr
from now. When will Lowe’s annual sales first surpass
Best’s annual sales?
66
1 STRAIGHT LINES AND LINEAR FUNCTIONS
The problem-solving skills that you learn in each chapter are building blocks for the rest of the course. Therefore, it is a good idea to make
sure that you have mastered these skills before moving on to the next chapter. The Before Moving On exercises that follow are designed for
that purpose. After taking this test, you can see where your weaknesses, if any, are. Then you can log in at http://academic.cengage.com/login
where you will find a link to our Companion Web site. Here, you can click on the Before Moving On button, which will lead you to other
versions of these tests. There you can retest yourself on those exercises that you solved incorrectly. (You can also test yourself on these basic
skills before taking your course quizzes and exams.)
If you feel that you need additional help with these exercises, at this Web site you can also use the CengageNOW tutorials, and get live online
tutoring help with PersonalTutor.
Before Moving On . . .
CHAPTER 1
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