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Question 976724: Need help solving this problem. Please include steps on how to solve.
Thank you :)
Based on data from 1980 to 2005, the value of the dollar based on producer prices can be modeled by
V(t) = -0.00004785t^3 + 0.02314t^2 - 0.04774t + 1.137
where t is the number of years since 1980.†
Write the formula for P(t) given
P(t) = 10V(t)
P(t)=
What does the function P represent in this situation?
Answer by jim_thompson5910(35256)   (Show Source):
You can put this solution on YOUR website! Plug in the given V(t) formula, distribute and multiply.
P(t) = 10V(t)
P(t) = 10( V(t) )
P(t) = 10( -0.00004785t^3 + 0.02314t^2 - 0.04774t + 1.137 )
P(t) = 10( -0.00004785t^3 ) + 10( 0.02314t^2 ) + 10( - 0.04774t) + 10( 1.137 )
P(t) = -0.0004785t^3 + 0.2314t^2 - 0.4774t + 11.37
The formula P(t) = -0.0004785t^3 + 0.2314t^2 - 0.4774t + 11.37 represents the value of $10 for any given year t (t = 0 means 1980)
For example, if you plugged in t = 0, you would get P(t) = 11.37 which means $10 is worth $11.37 in 1980.
Side Note: I'm not too familiar with economics, but I think the idea is $10 in currency will get you $11.37 in sold goods. Don't quote me on that though (so get a second opinion on the interpretation of this function).
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