King Fahd University of Petroleum & Minerals Department of Mathematical Sciences (Semester 053) Math 131 Quiz # 1 Name: _________________________________________________ I.D. # ___________________ 1. 2. A company produces a product for which the variable cost per unit is $3.50 and fixed cost is $20,000 per year. Next year, the company wants the total cost to be $48,000. How many units of the product should be made next year? A 100 unit high-rise apartment building which has no vacancy has come under new management. The new management company wants to receive $101,500 in monthly rent. They estimate that for each $50 per month increase over the current $950 per month rent, there will be three vacancies with no possibility of filling them. What rent should they charge for each apartment?