Final answer:
Two equations are formulated based on shoe production and economics: a production cost equation involving wages and tasks, and an elasticity calculation from a given demand curve equation for a shoe shop scenario.
Step-by-step explanation:
Equations Based on Shoe Shop Information
To create two equations based on the given information, we need to consider the process of shoe production mentioned and the demand curve provided. Since the information includes elements of production cost and economics, we'll formulate one equation related to production and another based on demand.
Production Equation
Let's assume we want to create an equation for the cost of producing shoes. If C represents the total cost, n1 the number of soles cut, n2 the number of leather pieces cut for uppers, and n3 the number of shoes stitched, with w1, w2, and w3 being the respective wages paid for these tasks, then the equation could be:
C = w1 * n1 + w2 * n2 + w3 * n3
Demand Curve Elasticity
Given the demand curve equation P = 48 - 3Q, where P is the price and Q is the quantity, the elasticity of demand when increasing the quantity from 5 to 6 can be calculated using the midpoint formula for elasticity:
Elasticity = (P2 - P1) / ((P2 + P1) / 2) * (Q2 - Q1) / ((Q2 + Q1) / 2)
To find P1 and P2, we substitute Q = 5 and Q = 6 into the demand equation. P1 = 48 - 3*5 = 33 and P2 = 48 - 3*6 = 30. The elasticity can now be calculated.