An advertising agency conducted a survey and found that the number of units sold, N, is related to the amount a spent on advertising (in dollars) by the following formula:
N = 1,500 + 300 ln a (a ≥ 1)
How many units are sold after spending $1,000?
is the answer 933?
Assuming that the variable a stands for advertising dollars.
N (units sold) = 1500 + 300 * ln(3000)
N = 3572.33
Since you can't sell part of a unit I recommend rounding down and saying 3572 units were sold after $1000 was spent in advertising.
To find out how many units are sold after spending $1,000 on advertising, we need to substitute the value of $1,000 into the formula and solve for the number of units, N.
The given formula is: N = 1,500 + 300 ln(a)
Let's substitute a = $1,000 into the formula:
N = 1,500 + 300 ln(1,000)
To calculate the natural logarithm (ln) of 1,000, we can use a calculator or table. The natural logarithm of 1,000 is approximately 6.9078.
Substituting this value into the formula, we get:
N = 1,500 + 300 * 6.9078
Simplifying the equation further:
N = 1,500 + 2,072.34
N = 3,572.34
Therefore, after spending $1,000 on advertising, approximately 3,572 units are sold according to the given formula.