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Equations, Inequalities
Equations, Inequalities
Equations, Inequalities
Identities
Equation: relation between two algebraic expressions symbolized by the sign
of equality between them. Example: 3x + y = 2x – 9. Give other examples.
(a +b) =
a3 – b3=(a – b)3+3ab(a+b);
(x + y)2 = (x – y)2 + 4xy etc
Inequalities
Problems:
A. If α and β are the roots of the equation
ax2 + bx + c = 0 find the value of α2 and β2 and ( )2
B. If α and β are the roots of the equation
x2 – px + q = 0 find the equation whose roots are α2 and β2
C. If α and β are the roots of x2 = 2x – 3, find the equation
whose roots are 2α – 3β and 3α – 2β.
D. If α and β are the roots of the equation 2x2 – 4x + 1 = 0,
find the equation whose roots are α2 + β and β2 + α
E. Find the condition that the roots of ax2 + bx + c = 0, may
differ by 5
F. Find the value of k if the roots of 2x2 + 3x + k = 0 are equal.
Equations: Problems
Solutions:
A. For the equation ax2 + bx + c = 0, (α + β) = – b/a and αβ = c/a
b 2 2ac
Now, α2 and β2 = (α + β)2 – 2αβ = (– b/a)2 – 2(c/a) = a2
and ( )2 = ( 2 2 2
) ={ ( )( )}2 = ( ) 2 ( ) 2
2 2
b 2 b 2 c
( ) [( ) 4 ] b 2 (b 2 4ac)
( ) 2 [( ) 2 4 ] a a a
= = c 2 =
( ) 2
( ) a 2c 2
a
B. Equation whose roots are α2 and β2 is x2 – (α2 + β2)x + α2β2 = 0
Now, from the equation x2 – px + q = 0 , α + β = p and αβ = q;
And, x2 – (α2 + β2)x + α2β2 = x2 – [(α + β)2 – 2αβ)x + (αβ)2]
= x2 – [(p)2 – 2q)x + (q)2]. Therefore the required equation is:
x2 – (p2 – 2q)x + q2 = 0
Equations: Problems
Problems to solve:
1. Demand for goods of an industry is given by the equation pq = 100 and
the supply by 20 + 3p = q, where p is the price and q is the quantity
demanded. Find the equilibrium price and quantity.
Hint: demand = supply and the price offered from demand side = price
asked from the supply side. Therefore, to solve the problem, find value
of p and q from the simultaneous equations, pq = 100 …(1) and 20 + 3p
= q …. (2)
2. In a perfect competition the demand curve of a commodity is D = 19 –
3p – p2 and the supply curve is S = 5p – 1. find the equilibrium price
and quantity. [hint: at equilibrium, D = S or, 19 – 3p – p 2 = 5p – 1; now
solve for p and find Q or S for the value of p]
3. For two commodities 1 and 2, the demands D1 and D2 are given by
D1 = 10 – p1 + p2 and D2 = 12 + 2p1 – p2 respectively and the supplies S 1
and S2 by S1 = 6 + p1 + 9p2 and S2 = 19 + 3p1 + 5p2 . Find the equilibrium
prices and quantities demanded for the two commodities. [D 1 = S1 or,
10 – p1 + p2 = 6 + p1 + 9p2 … (1) and D2 = S2 or, 12 + 2p1 – p2 = 19 + 3p1 +
5p2 … (2). From (1), 2p1 + p2 = 4 and from (2), p1 + 6p2 = –7; Find p1 and
p2 and then D1 = S1 and D2 = S2}
Equations: Additional Problems
Problem: A salesman’s earning e amounts to 20% of his total sales T plus
a bonus of 12½% of his sales in excess of $50,000.
(a) write the equation relating earnings to sales if sales exceeds $9,000;
(b) what must be the man’s sales if he is to earn $10,000?
(c) how much must he sell if his earnings are to be 25% of total sales?
Soln:
a. 20% of total sales = 0.2T;
25
12½% (Tof his )sales in excess of $50,000 = 12½% of T – $50,000 =
50000
2 100
= 0.125(T – 50000); Therefore, Earnings
E = 0.2T + 0.125(T – 50000)
b. Earnings E = 0.2T + 0.125(T – 50000), therefore, if E = $10,000,
10000 = 0.2T + 0.125(T – 50000), from where, T = $50,000
c. If, earnings E = 25% of total sales = 0.25T, according to the equation
for earnings, E = 0.2T + 0.125(T – 50000), or
0.25T= 0.2T + 0.125(T – 50000), from where T = $83,333.33
Equations: Additional Problems
Problem: A bag contains a total of Tk 10 in currency units of
denominations 10 paisa, 25 paisa and 50 paisa. Determine the number of
coins of each denomination if 50 paisa coins are half of those of 10 paisa
and 25 paisa coins are 2 more than those of 50 paisa.
Soln: Let the number of 50 paisa coins = x, then number of 10 paisa coins
= 2x and number of 25 paisa coins = x + 2; according to the problem
statement, 0.50(x) + 0.10(2x) + 0.25(x+2) = 10, solving we get
x = 10. Thus, 50 paisa coins = 10; 10 paisa coins = 2x = 20 and 25 paisa
coins = x + 2= 12
Problem: Solve x3 + 2x2 – 17x +42 = 0, if one of the roots is – 6.
Soln: If – 6 is one of the roots, (x +6) is a factor and taking it into
consideration, we can reorganize the equation as
x3 + 6x2 – 4x2 – 24x + 7x + 42 = 0 Or, x2(x +6) – 4x(x + 6) + 7(x + 6) = 0
Or, (x +6)(x2– 4x + 7) = 0; either x + 6 = 0, i.e., x = – 6 (given) or
(x2– 4x + 7) = 0, and from the later,
4 16 28)
2
x=
Equations: Additional Problems
• Solve the equations: i. x2 + y2 = 29 ii. 4x. 2y = 128
x–y =2 33x + 2y = 9xy
• Find the value of x if 3x2 + 7x – 13 = 0
• For what value of m will the equation (m +1)x2 + 2(m + 3) + (2m + 3) = 0 have equal
roots?
•The demand (Qd) and supply (Qs) functions are Qd = 8p/(p – 2) and Qs = p2, where p is the
price; determine the equilibrium price and quantity.
• An agency rents cars for one day and charges Tk 500.00 plus Tk.5.00 per km the car is
driven. (a) Write the equation for the cost of one day’s rental (b) Interpret the slope and
the y–intercept and (c) What is the renter’s average cost per km if a car is driven 260
km?
Problem: Boston Edison Company charges its customers according to their usage of
electricity. One rate it charges a particular class of user as follows: a basic monthly
charge of $3.35 and 3.38 cents per kilowatt hour for the first 350 kwh, and 5.634 cents
per kwh for any kwh in excess of 350. Determine : A. The cost function. B. What are the
total and average charges for using 400 kwh? C. How many kwh were used if the total
charge is $51.80?
Soln: A. C(k) = 3.35 + 0.0338k, when 0 ≤ k ≤350 …(1) and
when k = 350, C(k) = 3.35 + 0.0338 x 350 = 15.18…..(2);
when k >350, C(k) = 15.18 + 0.05634 (k − 350) = −4.539 + 0.05634k … (3),
Now solve B by using equation (3) since k > 350. also, solve C. by using C(k) = 51.80 in
equation (3) since 51.80 > 15.18
i.e., 51.80 = −4.539 + 0.05634k and find k.
Equations: Additional Problems
Solve: 2x – y + 2z = 5
x+y+ z=2
x – 2y + z = 2
Problem: It takes 20 minutes and costs $2 to make one double-edged razor
blade, whereas it takes 30 minutes and costs $1 to make one single-edged
razor blade. if 600 minutes and $40 are available, how many of each blade
can be made? [hint: 30 x + 20y = 600; 2x + y = 40]
Problem: A commodity is produced by using 3 units of labour and 2 units of
capital. The total cost comes to 62. If the commodity is produced by using 4
units of labour and 1 unit of capital, the cost comes to 56. What is the cost
per unit of labour and capital?
Problem: A man’s income from interest and wages is Tk 500. If he doubles
his investment and also gets an increase of 50% in wages, his income
increases to Tk 800. What was his original income separately in terms of
income and interest?
Solve: (i) (27)x = 9y (ii) 4x .8y = 128
(81)y = 243.3x 9x ÷ 27y = 3
Equations: Additional Problems
The general equation for a closed economy is E = C + I + G, and the economy
is in equilibrium when E Ξ Y, where E is total expenditure, C is expenditure on
consumption goods, I is expenditure on investment goods, G is government
spending and Y is the total income received. If for a certain economy, it is
given that C = 15 + 0.9Y, I = 20 + 0.05Y and G = 25, find the equilibrium values
for Y, C and I. How will these values change if there is no government
spending?
Soln: From equations E = C + I + G …(1) and E Ξ Y …(2), Y = C + I + G… (3)
Using the values given for C, I and G, equation (3) may be rewritten as
Y = 15 + 0.9Y + 20 + 0.05Y + 25 = 60 + 0.95Y
Or, Y = 60 + 0.95Y =>Y = 1200 …(4)
Now, putting value Y = 1200 in C = 15 + 0.9Y, and in I = 20 + 0.05Y we get
C = 15 +0.9 x 1200=1095 …(5) and I = 20 + 0.5 x 1200 = 80 …(6)
The required equilibrium values for Y, C and I are 1200, 1095 and 80. But
if there is no govt. spending, Y = C + I i.e., Y = 15 + 0.9Y + 20 + 0.05Y, or
Y = 35 + 0.95Y => Y = 700 and
putting this in C = 15 + 0.9Y, and in I = 20 + 0.05Y, we get the changed values
for C and I as C = 15 + 0.9 x 700 = 645 and I = 20 + 0.05 x 700 = 55.
Equations: Mark-up, Margin and Break-even
Sales/Output
Referrence:
(Prichet and Saber, Mathematics with applications in Management and
Economics) - page 52- 65)
Break-Even Interpretation:
• Break even occurs where revenue must equals to cost so that profit
becomes zero at that point.
• Profit = Revenue – Cost
Then at break even,
Revenue = Cost
Two analysis
1. Producer view point- see book and lecture
2. Financial manager Viewpoint
Financial manager Viewpoint
Suppose an item costs $130 and is priced to sell $200. The mark-up is
measured as Mark-up = retail price – cost = $200 – $130 = $70 and the
mark-up in % (on cost) 70/130 = 0.54 = 54%, while the Margin = mark-up %
mark up 70
on retail price = = 0.35 or, 35%.
retailpric e 200
This means 35% of retail price is margin and other 65% makes the cost =
0.65% of the sales i.e., o.65s.
Now, cost of goods sold = 0.65s, selling expenses (say, 10% of sales) =
0.10s and the fixed expenses (say) = $12000
The cost = 0.65s + 0.10s +12000 = 0.75s +12000; and the revenue R(s) = s,
and at break-even, C(s) = R(s) => 0.75s +12000 = s or, 0.25s = 12000 and
Or, s = 48,000 i.e., the break-even volume of sales = $48,000.
Problem:
Practice 12, 14, 17, 18 ( Prichet and Saber, Mathematics with applications
in Management and Economics) - page 64, 65)