2 question

200 words

Think of one linear function and one quadratic in the business world and share them with the other students (also comment on theirs). For both functions, justify them by finding the domains and ranges. For the quadratic function, find optimal values and discuss them.

Notice that, in each of the examples given in the lecture, the function has only one independent variable. Is it possible that a function has more than one independent variable? If so, share a real world example of the same with the other students. Justify the presence of more than one independent variable in your function. Can you identify the possibility of a third independent variable in another student’s function? How will the additional independent variables affect his/her function?

 q2

Crown Cinema recently increased the price of a movie ticket by 5%. As a result, attendance dropped by 8%. Based on this information, what is the price elasticity of demand for movie tickets at Crown? What, if any, other factors could have accounted for some of the decline in attendance leading to an overinflated price elasticity of demand? If the cinema reduced its prices by 5% instead of raising its prices by 5%, what change in attendance would you expect? If a competing cinema reduced its prices by 10%, how would you expect this action to affect demand at Crown? How should the cinema determine an optimal ticket price?