Problem Solving Equations

Front

What is the fixed cost in a cost equation?

Back

The fixed cost is the cost that does not change with the level of production or sales, such as factory expenses.

Front

How do you represent variable costs in an equation?

Back

Variable costs can be represented as a coefficient multiplied by a variable, such as '8t' where 't' is the number of items produced.

Front

What is the formula to calculate total revenue from sales?

Back

Total revenue can be calculated using the formula: Total Revenue = Price per item × Number of items sold.

Front

How do you set up an equation to find the break-even point?

Back

To find the break-even point, set total costs equal to total revenue: Fixed Costs + Variable Costs = Total Revenue.

Front

What does 't' represent in the context of earnings equations?

Back

In earnings equations, 't' typically represents total earnings or total income.

Front

How do you translate a word problem into an equation?

Back

Identify the quantities involved, determine the relationships between them, and express these relationships using mathematical symbols.

Front

What is the significance of the slope in a linear equation related to earnings?

Back

The slope represents the rate of change, such as the amount earned per hour worked.

Front

How do you calculate the remaining budget after a purchase?

Back

Remaining budget = Initial budget - Cost of items purchased.

Front

What is the equation for total expenses in a business scenario?

Back

Total Expenses = Fixed Costs + (Variable Cost per item × Number of items produced).

Front

How do you determine how many items can be purchased with a limited budget?

Back

Divide the remaining budget by the cost per item: Number of items = Remaining budget / Cost per item.