For my class you have to choose from several different scenarios, make up your own equations from the scenario, and then solve and graph them in excel. I have chosen the following scenario:
Evaluate whether a prepaid or monthly cell phone plan is most effective for a customer that uses x weekday minutes per month.
I can do the math part of the problem myself, the part I am having trouble with is coming up with the equations. It is worded in the problem like this:
Develop an algebraic equation with clearly defined variables to represent the cost/yield of each option.
We are aloud to make up any numbers that we want.
Assistance needed.
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For my class you have to choose from several different scenarios, make up your own equations from the scenario, and then solve and graph them in excel. I have chosen the following scenario:
Evaluate whether a prepaid or monthly cell phone plan is most effective for a customer that uses x weekday minutes per month.
I can do the math part of the problem myself, the part I am having trouble with is coming up with the equations. It is worded in the problem like this:
Develop an algebraic equation with clearly defined variables to represent the cost/yield of each option.
We are aloud to make up any numbers that we want.
To develop the algebraic equations, let's break down the problem into the different variables and factors involved.
Given scenario:
Evaluate whether a prepaid or monthly cell phone plan is most effective for a customer that uses x weekday minutes per month.
Variables:
1. x: The number of weekday minutes per month.
2. C_p: Cost for the prepaid cell phone plan.
3. C_m: Cost for the monthly cell phone plan.
Factors that determine the cost of each plan:
1. For the prepaid plan:
- P_p: Prepaid plan cost per month (fixed cost).
- R_p: Rate per minute for weekday usage on the prepaid plan.
2. For the monthly plan:
- P_m: Monthly plan cost per month (fixed cost).
- R_m: Rate per minute for weekday usage on the monthly plan.
Now, let's develop the algebraic equations for each option:
Prepaid plan equation:
C_p = P_p + (x * R_p)
In this equation, the cost of the prepaid plan (C_p) is equal to the monthly fixed cost (P_p) plus the product of the number of weekday minutes (x) and the rate per minute (R_p).
Monthly plan equation:
C_m = P_m + (x * R_m)
Similarly, the cost of the monthly plan (C_m) is equal to the monthly fixed cost (P_m) plus the product of the number of weekday minutes (x) and the rate per minute (R_m).
Now, you can substitute different values for the variables P_p, R_p, P_m, and R_m, as well as choose different values for x, to calculate the cost for each plan in Excel. Once you have the costs, you can compare them to determine which plan is more effective based on the customer's usage. You can even create a graph in Excel to visually represent the cost comparison between the two plans as the number of weekday minutes increases.