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# Consumer Mathematics

### Real world math inquiries are made and solved using fractions, ratios, measurement conversions, and fraction operations.

As a new graduate from the police academy, you have to qualify your weapon. Qualifying means going to the gun range with your assigned Glock .40 caliber with a 15-round magazine and hitting the target four out of five times. Write the smallest fraction that represents successfully qualifying. If you have two magazine

### Market power

List the characteristics of firms in each type of market: perfect competition, monopolistic competition, and monopoly. Give an example of each type of firm in our current economy. What are some ways a monopolistically competitive firm can maintain or increase its market power?

### Examine Egyptian fractions.

a. Show that any rational number a/b , between 0 and 1, can be written as an Egyptian fraction. b. Can an irrational number between 0 and 1 ever be expressed as an Egyptian fraction? Why? *c.* Show that any positive rational number a/b can be written as an Egyptian fraction.

### Solve the difference equation.

A certain smoker has a daily intake of 0.02 milligrams of nicotine. It is assumed that 1% of nicotine is disintegrated by the body per day. Set up a difference equation for the amount of nicotine N_t after t days, starting with an initial level of N_0=0. Derive a closed form of the solution for N_t. If a concentratio

### Simplification of numerical expressions, fractions, translating expressions, multiplying fractions, subtracting fractions and dividing fractions.

Name_________________________________________ Date:___________________________ Math 208 Quiz # 1 1. Evaluate: 21 3 - 3 + 3 A. 7 B. 5 C. 8 D. 6 Solution 21 3 - 3 + 3 = 7 - 3 + 3 = 7 2. One recipe calls for teaspoon vanilla. A second recipe requires for teaspoon vanilla, and a third rec

### Fractions in Real Life

Describe a real-world problem you have encountered, in either your personal or professional life, in which you needed to use fractions or decimals to solve the problem. Explain the strategy that you used to solve the problem in addition to the actual solution.

### Series of markups and markdowns

The wholesale cost of a video game is \$459,45. The original markup was 51% based on selling price. Find the final sale price after the following series of price changes: a markup of 24%, a markup of 17%, a markdown of 10%. Round each selling price to the nearest cent.

### Supply and demand

Given the following demand and supply equations: Demand: Q=100 - 5P Supply: Q=20P 1. What is the equilibrium price? 2. What is the equilibrium quantity? 3. Using Excel and prices in the range of \$1 to \$10, generate the demand and supply schedules for the initial equations. 4. Use Excel to plot a graph of your

### Mathematical model and computer simulation

1. What are mathematical models and computer simulations? 2. What are stochastic models and deterministic models? 3. What is convergence and numerical instability? 4. What are sensitivity analyses and uncertainty analyses?

### Consumer Mathematics: Ratio and Proportion

1. Find the variation constant and an equation of variation where y varies directly as x, and y = 4 when x=39. 2. Find the variation constant and an equation of variation where y varies inversely as x, and y = 15 when x = 15. 3. [Hook's Law] The distance d, when a spring is stretched by a hanging object, varies directly a

### Financial Calculations

Sales for Hanebury Corporation's just-ended year were \$12 million. Sales were \$6 million 5 years earlier. Suppose someone calculated the sales growth for Hanebury as follows: Sales doubled in 5 years. This represents a growth of 100% in 5 years; dividing 100% by 5 results in an estimated growth rate of 20% per year.

### Consumer Mathematics

1. The marks in a chemistry course have a mean of 79 and a standard deviation of 12. The marks in a biology course have a mean of 70 and a standard deviation of 18. Emmanuelle has a mark of 90 in both classes. Which mark do you consider to be a higher grade? 2. Researchers have observed that regular smokers have an average li

### annual rate for this loan

Many tax preparation firms offer their clients a refund anticipation loan. (RAL) For a fee, the firm will give a client his refund is filed. The loan is repaid when the Internal Revenue Service sends the refund directly to the firm. Thus, the RAL fee is equivalent to the interest charge for a loan. The schedule in the table

### Coding Help

You are setting up a program for programming codes for a universal TV remote controller. Each code will have five digits and cannot include a 0 or repeat any digits. How many codes: a) do not contain a 7? b) have 3 as the third digits and 5 as the fifth digit? c) begin with an even number? d) begin and end with an ev

### Fractions in Real Life Situations

What are some examples of real-life situations where the addition of fractions, multiplication of fractions, or division of fractions might be required? Select one, and discuss your methodology for solving problems in this situation.

### Tax effect of transaction

A firm is selling an existing asset for \$5000. The asset when purchased cost \$10,000, was depreciated under MACRS using a five-year recovery period and has been depreciated for four full years. If the assumed tax rate is 40% on ordinary income and capital gains, the tax effect of this transaction is: A. \$0 tax liability B.

What is the market risk premium if the risk free rate is 5% and the expected market return is given as follows State of Nature Probability Return Boom 20% 30% Average 70% 15% Recession 10%

### Ratio and Proportion

According to a professor from the University of Minnesota, your maximum ideal waist size is directly proportional to your hip size. For a woman with 40 inch hips, the max ideal waist size is 32 inches. What is the maximum ideal waist size for a woman with 35 inch hips?

### Consumer Math & Finacial Managment/Compound intrest

In 1777, Jacob DeHaven loaned George Washington's Army \$450,000 in gold and supplies. Due to a disagreement over the method of repayment 9gold vs. Continental money), DeHaven was never repaid, dying penniless. In 1989, his descendants sued the US Government over the 212 year old debt. If the DeHaven's used an intrest rate of 6%

### Ratios, percents, interests, problem solving

1 If you drive 151.7miles on 8.2 gallons of gas, what is the simplified ratio of miles to gallons? 2 Solve the proportion for the item represented by a letter: 3 Solve the proportion for the item represented by a letter: 4 If two quarts of paint are needed for 75 ft of fence, how many quarts are needed f

### Chow industries: Cash collection

Chow Industries expects credit sales for January, February, and March to be \$200,000, \$260,000, and \$310,000, respectively. It is expected that 70% of the sales will be collected in the month of sale, and 30% will be collected in the following month. Compute cash collections from customers for each month.

### US to Yen A television set sells for \$1,000 U.S. dollars. In the spot market, \$1 = 110 Japanese yen. If purchasing power parity holds, what should be the price (in yen) of the same television set in Japan? a. 80,000 yen b. 90,000 yen c. 100,000 yen d. 110,000 yen

A television set sells for \$1,000 U.S. dollars. In the spot market, \$1 = 110 Japanese yen. If purchasing power parity holds, what should be the price (in yen) of the same television set in Japan? a. 80,000 yen b. 90,000 yen c. 100,000 yen d. 110,000 yen

### Compounding Interest on an Investment: Example Problem

Could you please show how to reach a solution for the following problem, rounding the answer to the nearest year? You're trying to save to buy a new \$170,000 Ferrari. You have \$40,000 today that can be invested at your bank. The bank pays 5.3 percent interest on its accounts. How long will it be before you have enough to the

### Network Flow Model and Optimal Solution

Management Science Problem An information system consultant who lives in Naperville, IL must spend the majority of the month of June 2010 onsite with a client in San Francisco. His travel schedule for the month is as follows. Leave Naperville Leave San Francisco Friday, June 4

### variables and state parameters

X(year) - 1990,1991,1992,1993,1994,1995,1996 y(millions) - 5.3,7.6,11,16,24.1,33.8,43.4 1.Plot on graph - define variables and state parameters 2. what type of function models the behavior of the graph? Why 3. create an equation(model) that fits the graph. on a new set of axes draw your model and comment on differences 4.

### Population Modeling with Least-Squares Error Analysis

Please refer to the attached Microsoft Word document pertaining to homework instructions. Consider the following results of measurements of a function P(t): T 0 1 2 3 4 P 100 101 108 140 230 Assume that the data set can be modeled by a function P = P0 + B ta a) Determine P0. Use the Ln-test (logarithm) to show that t

### Exercise Writing and Solving Functions

Exercises Section 2.1: Exercise 96 Solve each problem by writing and solving an equation. 96. World grain demand. Freeport McMoRan projects that in 2010 world grain supply will be 1.8 trillion metric tons and the supply will be only ¾ of world grain demand. What will world grain demand be in 2010? Section 2.2: Exercise:

### Modelling - Population Growth

The following data represent the development of a certain population P in time t: [Please refer to the attachment for the table] a) Determine the best way to model the data, for example by a modified logistic model. b) Determine appropriate parameters for the model type chosen. c) Calculate the relative error of your m

### Modelling - Population Growth

The following data represent the development of a certain population P in time t: [Please refer to the attachment for the table] a) Determine the best way to model the data, for example by a logistic model. b) Determine appropriate parameters for the model type choosen. c) Calculate the relative error of your model. d) Us

### Beginners guide to converting between fractions and percents

I am at a total loss as how to convert fractions into percents and vice versa. I need a detailed explanation as it would be taught to the original grade level. Here is an example. What is the % of 2/5 (i think 40 or .40???) I don't know how to get to that though. and how do you convert 40% then into a fraction? HELP!