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08 Jul 2004, 11:21
Kudos
Bookmarks
Hi,
I encountered the following problem and I can't figure out why my method won't work. Can any one tell me what I'm doing wrong?
Here is the problem:
A motorcycle importer is planning on increasing the price of a certain model by $1000. At this new price 5 fewer bikes will be sold a month, but the total revenues will increase by $26,000 to $594,000. What is the number of bikes the manufacturer will sell at this new price?
a) 51 b) 61 c) 66 d) 71 e) 76
The method suggested by the book i'm usuing is to create two equations: let x= new price, let y= number of motorcycles sold at new price. So, xy=594,000 and (x-1000)(y+5) = 594,000 - 26,000. This results in some pretty nasty equations, so the book then suggestions plugging in the answer choices to see what works. The answer is 66
I see how the above method works, but I thought there was simpler way, namely, let y = number of bikes sold at new price, then:
1000y = 26,000
My logic is that if you earn 26,000 more from selling y-items at $1000 more each, then the number of items you sold is simply 26,000/1000 = 26. But this doesn't result in the correct answer. What is wrong with my logic???
Thanks in advance for your help!!
I encountered the following problem and I can't figure out why my method won't work. Can any one tell me what I'm doing wrong?
Here is the problem:
A motorcycle importer is planning on increasing the price of a certain model by $1000. At this new price 5 fewer bikes will be sold a month, but the total revenues will increase by $26,000 to $594,000. What is the number of bikes the manufacturer will sell at this new price?
a) 51 b) 61 c) 66 d) 71 e) 76
The method suggested by the book i'm usuing is to create two equations: let x= new price, let y= number of motorcycles sold at new price. So, xy=594,000 and (x-1000)(y+5) = 594,000 - 26,000. This results in some pretty nasty equations, so the book then suggestions plugging in the answer choices to see what works. The answer is 66
I see how the above method works, but I thought there was simpler way, namely, let y = number of bikes sold at new price, then:
1000y = 26,000
My logic is that if you earn 26,000 more from selling y-items at $1000 more each, then the number of items you sold is simply 26,000/1000 = 26. But this doesn't result in the correct answer. What is wrong with my logic???
Thanks in advance for your help!!
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08 Jul 2004, 12:15
Kudos
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The 26000 comes from a changes in Dollar Value as wells as the change in the number of bikes sold.
The equaltion 1000y = 26000
does not take into account both the changes.
The equaltion 1000y = 26000
does not take into account both the changes.
