Alan runs a small cone business. His weekly profit, P, is a function of the following variables: ...
Alan runs a small cone business. His weekly profit, P, is a function of the following variables:
the minimum wage, x, he must pay his employees
a) Would you expect Px to be positive or negative? Explain your response.
b) Would you expect Py to be positive or negative? Explain your response.
Homework Answers
a)The weekly profit P will decrease as the minimum wage Alan must pay his employees X increases because more money will be required to pay more employee pay.
Therefore Px will be negative as P will increase as X decreases and vice-versa. Px is rate of change of profit wrt. Minimum wage with all other parameters constant.
b)As the number of cones sold Y increases, the profit P increases as Alan's income will increase. Therefore Py will be positive. Py is the rate of change of profit wrt. no. of cones sold with all other parameters constant.
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