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Wiibates

How much should Nintendo charge for a video game console?

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Wiibates

How much should Nintendo charge for a video game console?

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Wiibates lessonpage
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How much should Nintendo charge for a video game console? In response to a sales slump, in 2013 Nintendo dropped the price of the Wii U video game console. The following month, they sold three times as many units, which suggests their plan worked. However, Nintendo may have gotten the price wrong. < p class="plan"> In this lesson, students use linear and quadratic models to analyze and discuss the relationship between the price of a Wii U console and profits for Nintendo.

REAL WORLD TAKEAWAYS

  • More revenue for a product doesn’t always mean more profit – there are costs to consider.
  • A company might increase its revenue – and even its profit – on a product by lowering the price.
  • Companies might decide to set a price for a particular item at something that doesn’t lead to its biggest profit in order to increase revenue elsewhere.

MATH OBJECTIVES

  • Use real data to create and interpret a linear model for demand as a function of price
  • Use real data to create and interpret a quadratic model for total profit as a function of price
  • Find and interpret the maximum of a parabola

Great anytime, including at the beginning of a unit before students have any formal introduction to the topic.
Lesson gauge easy
Algebra 1
Parabolas & Quadratics
Lesson gauge easy
Algebra 1
Parabolas & Quadratics
Mathematical Practices F.IF.7 Graph functions expressed symbolically and show key features of the graph, by hand in simple cases and using technology for more complicated cases. (a) Graph linear and quadratic functions and show intercepts, maxima, and minima. (b) Graph square root, cube root, and piecewise-defined functions, including step functions and absolute value functions. (c) Graph polynomial functions, identifying zeros when suitable factorizations are available, and showing end behavior. (d) (+) Graph rational functions, identifying zeros and asymptotes when suitable factorizations are available, and showing end behavior. (e) Graph exponential and logarithmic functions, showing intercepts and end behavior, and trigonometric functions, showing period, midline, and amplitude. F.BF.1 Write a function that describes a relationship between two quantities. (a) Determine an explicit expression, a recursive process, or steps for calculation from a context. (b) Combine standard function types using arithmetic operations. For example, build a function that models the temperature of a cooling body by adding a constant function to a decaying exponential, and relate these functions to the model. (c) (+) Compose functions. For example, if T(y) is the temperature in the atmosphere as a function of height, and h(t) is the height of a weather balloon as a function of time, then T(h(t)) is the temperature at the location of the weather balloon as a function of time. A.CED.2 Create equations in two or more variables to represent relationships between quantities; graph equations on coordinate axes with labels and scales. F.IF.4 For a function that models a relationship between two quantities, interpret key features of graphs and tables in terms of the quantities, and sketch graphs showing key features given a verbal description of the relationship. Key features include: intercepts; intervals where the function is increasing, decreasing, positive, or negative; relative maximums and minimums; symmetries; end behavior; and periodicity.
Content Standards MP.3 Construct viable arguments and critique the reasoning of others. MP.4 Model with mathematics. MP.1 Make sense of problems and persevere in solving them. MP.2 Reason abstractly and quantitatively. MP.5 Use appropriate tools strategically. MP.6 Attend to precision. MP.7 Look for and make use of structure.

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