Mathematics in Context: Pricing Strategies and Equations

These flashcards cover key vocabulary and concepts related to the lecture on pricing strategies and algebraic equations.

Operations Research Analysts

Mathematicians who develop pricing strategies in various industries.

Supply and Demand

Economic model for the price determination in a market.

Linear Equation for Supply

Shows that as price increases, the number sold increases.

Linear Equation for Demand

Shows that as price increases, the number sold decreases.

Simultaneous Equations

Equations that are solved simultaneously to find the values of variables.

Profit Maximization

Setting prices to achieve the highest profit.

Pronumerals

Variables used in algebra to represent unknown quantities.

Algebraic Expressions

Combinations of numbers and pronumerals connected by operations.

Coefficient

The number multiplied by a pronumeral in an algebraic term.

Constant Term

A term that consists only of a number.

Evaluating Expressions

Substituting numbers for pronumerals to compute a numerical value.

Order of Operations

The rules determining the order in which calculations are performed (PEMDAS/BODMAS).

Distributive Law

A fundamental property used to multiply a single term by two or more terms inside a set of parentheses.

Elimination Method

A method to solve simultaneous equations by eliminating one variable.

Substitution Method

A technique for solving simultaneous equations by substituting one equation into another.

Inequalities

Mathematical statements that describe the relative size or order of two values.

Formulas

Mathematical relationships expressed in symbols.

Transposing Formulas

Rearranging a formula to solve for a specific variable.

Applications of Simultaneous Equations

Real-world problems that can be represented using two equations with two unknowns.

Representation on Number Line

A visual way to express inequalities using intervals on a line.

Revenue Calculation

The process of determining total earnings from sales.

Cost per Unit

Price associated with a single item sold or produced.

Total Area Formula

The formula for calculating the area of geometric shapes, including rectangles and trapeziums.

Perimeter

The total distance around the outer boundary of a shape.

Word Problems

Mathematical problems expressed in natural language.