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Exercises on linear functions and its applications

Exercises on linear functions in Business Math

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25 views

Exercises on linear functions and its applications

Exercises on linear functions in Business Math

Uploaded by

habibawaleed296
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Exercises on Linear Functions

-with blank spaces to answer-


1. State whether the following statements are True or
False. Justify the false statements.

I. A relation 𝑦 = 𝑓(𝑥) between two variables y and x,


such that for each value of x there exists two
values of y, is called a function.

II. The domain consists of the set of all possible


values of the outcome variable y.

III. A monotonically increasing linear function is a


function that is featured by a negative slope

IV. An equilibrium point can be obtained to two


parallel linear functions.

2. Define the domain of the following functions:

I. (𝑥) = 𝑘 , where k is a constant value.

II. 𝑓 (𝑥 ) = √𝑘

III. 𝑓 (𝑥 ) = √𝑥 − 7

IV. 𝑓 (𝑥 ) = √7 − 𝑥

V. 𝑓 (𝑥 ) =
√

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3. Find an equation of the line passing through (−3, 8) and
(4, −2).

4. Find the equation of two lines (linear functions) if you


know the following information. Both lines pass through
the point (3, -2). Further, one of the two lines is parallel
to the line represented by the equation 𝑦 = 3𝑥 + 1 and
the other line is perpendicular to the latter line.

5. A firm transport farm food between cities in a country.


The firm finds that the total cost c of transporting x
units of a given food type as given by
c = 0.5 𝑥 + 1500
The price of each transported unit is $10.

How many units must be transported for the firm to


break even?

6. Suppose that the price per unit p and the quantity


demanded q are related (for a given product) by the
following linear equation
𝑝 = 20 − 0.25

30
Find the demand at a price $10 per unit.
Further, find the price if the demand is 32 units.

7. In exercise 6, if the suppliers are going to support the


market according to the following supply equation :
𝑝 = 0.85 𝑞

Find the supply if the price is $31 per unit.


Further, find the price per unit if the supply is 80 units.

8. From exercises 6&7, what is the equilibrium quantity?


and what is the equilibrium price?

31
Answers

1. True or false with justification

I. This statement is false. A function is a relation where


each input (x-value) is associated with exactly one
output (y-value). In other words, for each value of x,
there should be only one value of y. If there are two
values of y for the same x, then the relation is not a
function.

II. This statement is false. The domain of a function


consists of the set of all possible input values (x) for
which the function produces an output value (y). In
other words, it is the set of x-values that can be put into
the function. The set of possible y-values is called the
range.

III. This statement is false. A monotonically increasing


linear function is characterized by a positive slope, not
a negative slope. In other words, for a linear function to
be monotonically increasing, it must have a positive
slope, indicating that as the input variable increases,
the output variable also increases.

IV. This statement is true. Two parallel linear functions


have the same slope, which means they never intersect
and have no solution in common. However, they can
have an equilibrium point, which is the point where the
two lines are closest to each other. This point is
equidistant from both lines and lies on a line
perpendicular to both lines.
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2. Define the domain of the following functions:

I. ]∞, −∞[
II. [0, ∞[
III. 𝑥 − 7 ≥ 0 which means 𝑥 ≥ 7 thus,
Domain is [7, ∞[
IV. 7 − 𝑥 ≥ 0 which means −𝑥 ≥ −7 that means 𝑥 ≤ 7
Thus, domain is ]−∞, 7]
V. 𝑥 − 7 > 0 which means 𝑥 > 7 thus,
domain is ]7, ∞[

3. To find the equation of the line passing through (-3, 8)


and (4, -2),
we need to find the slope of the line first.
Using the slope formula, we get:

slope = = = ≈ -1.43
( )

now we need to substitute with the slope and one of the


points in the linear function 𝑦 = 𝑎𝑥 + 𝑏 to be:

−10
8= × (−3) + 𝑏
7
8 − 4,29 = 𝑏 = 3.71

That means the equation passing through the two points is


𝑦= 𝑥 + 3.71

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4. To find the equations of the two lines passing through
the point (3,-2), with one line parallel to 𝑦 = 3𝑥 + 1 and
the other line is perpendicular to it,

From Remark 5 we conclude that:


The line parallel to the line of equation 𝑦 = 3𝑥 + 1 has the
same slope = 3 , thus by substituting in the linear function
equation with the slope and the point,
−2 = 3 × (3) + 𝑏
𝑏 = −11
Thus we conclude that the equation of the parallel line is
𝑦 = 3𝑥 − 11
From remark 6 we conclude that the slope of the line
perpendicular (m1) to the line of equation 𝑦 = 3𝑥 + 1 will be

𝑚 × 𝑚 = −1 , which means 3 × 𝑚 = −1
−1
𝑚 =
3

thus by substituting in the linear function equation with the


slope and the point,
−1
−2 = × (3) + 𝑏
3
𝑏 = −1
Thus we conclude that the equation of the perpendicular line
is 𝑦 = 𝑥 − 1
As a conclusion:

Equation of the parallel line : 𝑦 = 3𝑥 − 11


Equation of the perpendicular line : 𝑦 = 𝑥 − 1

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5. The revenue equation is 𝑟 = 10 𝑥 (price per unit multiplied by
number of units). The firm will break even (achieve 0 profit) as
long as the revenue equals cost, that is, when
𝑟=𝑐
10𝑥 = 0.5𝑥 + 1500
9.5𝑥 = 1500
1500 3000
𝑥= = ≈ 158
9.5 19
The firm breaks even by selling 25 units.

6. The price per unit p and the quantity demanded q are related
(for a given product) by the following linear equation:
𝑝 = 20 − 0.25𝑞
10 = 20 − 0.25𝑞
−10
𝑞= = 40
−0.25

The price if the demand is 32 units will be :


𝑝 = 20 − 0.25 × 32 = 12$

7. In exercise 6, if the suppliers are going to support the market


according to the following supply equation:
𝑝 = 0.85𝑞
The supply if the price is $31 per unit will be :
31 = 0.85𝑞
31 620
𝑞= = ≈ 37
0.85 17
The price per unit if the supply is 80 units will be:
𝑝 = 0.85 × 80 = 68$

35
8. From exercises 6&7, what is the equilibrium quantity?
and what is the equilibrium price?

Answer
The equilibrium quantity is the quantity at which the quantity
demanded is equal to the quantity supplied, and the
equilibrium price is the price at which this equality occurs.

In the given, the demand and supply equations are :


𝑝 = 20 − 0.25𝑞 and 𝑝 = 0.85𝑞, respectively.
To find the equilibrium quantity and price, we can set the
demand and supply equations equal to each other and solve
for q, and then use the value of q to find the equilibrium
price.
To find the equilibrium quantity, we set the demand and
supply equations equal to each other:
20 − 0.25𝑞 = 0.85𝑞
Solving for q, we get:
20 = 1.1𝑞
𝑞 = 18.18

Thus, the equilibrium quantity is 18.18 ≈ 18 units.

To find the equilibrium price, we can substitute the value of q


back into either the demand or supply equation. Using the
demand equation 𝑝 = 20 − 0.25𝑞, we get:
𝑝 = 20 − 0.25(18.18)
𝑝 = 15.455

Thus, the equilibrium price is approximately $15.46 per unit.

36

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