Math Project on Bike Rentals Market Research

The questions for this math project were as follows:

Project #2 Name_______________________

Table of Market Research Data on Rental Demand
For Adult Bikes

Hourly
Price Number of hourly
Rentals per day
$6.00 225
$7.00 200
$8.00 165
$9.00 120

Task 1

Step 1: On graph paper, plot the points for adult bikes.

Step 2: Using a “line of best fit”, find the equation of the line. Pick two points that seem best. Write line in the y = mx + b form, but use the variables d = mp + b (d is for demand and p is for price)

Step 3: Plot the line on the graph paper.

Task 2

1. Record your equation from Task 1. _________________________

2. Use this equation to calculate the demand, d, at rental prices of $7.75 and $10.00 per day.

At p = $7.75, d = ___________

At p = $10.00, d = __________

3. Use the values of d from above to find the revenue at the same prices. The equation for revenue (R) is R = price · demand, or R = p · d.

So at p = 7.75, R = _________________________

At p = 10.00, R = ____________________________

4. Substitute your expression for d from 1 above into the revenue equation to create an equation for R I terms of p.

R = ________________________________

Now using this equation,

Find R(7.75) ___________________________

Find R(10.00) _________________________

Task 3

1. Copy the equation from Task 2, Step 4, here,

R = _____________________________

2. Find the R values using the given p values by substituting into the equation from 1 above.

P
0
1
2
3
4
5
6
7
8
9
10

3. Plot points carefully on attached graph paper 2. This is a graph of revenue with respect to price.

4. “Read” off the graph for what price will revenue , R, be maximized?_______________

About the Solutions
The answer to task 3.1 is given below. Please purchase the full solutions if you wish to see the completed project.

Copy the equation from Task 2, Step 4, here,

R=-30p^2 +4Wp.

Question Files
Math Project.docx
Math Project (1).pdf

Other Details about the Project/Assignment
Subjects: Mathematics -> Calculus
Topic: Bike Rentals Market Research Project
Level: College / University
Tags:

Math Project, Market Research, Calculus

Price: $2.95

Purchase and Download Solutions

Math Genius

Frederick Burke
	Member Since: March 2003 Customer Rating: 94.7% Projects Completed: 795 Total Earnings: *Private* +1 Ratings from clients: 115

Project Details

Question Files
Math Project.docx
Math Project (1).pdf

Subjects: Mathematics -> Calculus
Topic: Bike Rentals Market Research Project
Level: College / University
Tags:

Math Project, Market Research, Calculus

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Math Project on Bike Rentals Market Research

Math Project, Market Research, Calculus

Math Project, Market Research, Calculus