Math Problem Statement
A tourist agency’s profit P( in dollars) can be modelled by the function P(x)= -25x^2+1000x-3000, where x is the number of tourists. Determine how many tourists are needed for the agency’s profit to be at least $5000.
Solution
We are given the profit function:
We want to find how many tourists are needed for the agency's profit to be at least $5000. This means solving the inequality:
Substitute 5000 for :
Now, simplify this inequality:
To simplify further, divide the entire inequality by (note that dividing by a negative flips the inequality sign):
We now solve the quadratic inequality:
- Solve the quadratic equation using the quadratic formula:
The two solutions are:
Thus, the solutions to the quadratic equation are approximately and .
- Since we have , the values of between 11 and 29 satisfy this inequality.
Conclusion:
The number of tourists needed for the agency's profit to be at least $5000 is between 11 and 29 tourists.
Do you have any questions or would you like further details?
Here are 5 related questions for further exploration:
- What is the maximum profit the agency can achieve?
- How many tourists are needed for the agency to break even (profit = 0)?
- What happens to the profit if the number of tourists exceeds 29?
- How would the profit function change if costs were increased by $2000?
- How does the shape of the profit function graph help determine optimal tourist numbers?
Tip: When solving quadratic inequalities, graphing the function can help visualize which intervals satisfy the inequality.
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Math Problem Analysis
Mathematical Concepts
Quadratic Functions
Inequalities
Profit Maximization
Formulas
Quadratic equation: ax^2 + bx + c = 0
Quadratic inequality: ax^2 + bx + c ≥ d
Theorems
Quadratic formula: x = (-b ± √(b² - 4ac)) / 2a
Suitable Grade Level
Grades 9-11