Now here’s a little mathematical homework to help you pass the time whilst you are waiting for the results from the world’s two biggest lottery jackpots – EuroMillions, to be drawn later today; jackpot – $193,000,000 and Powerball, to be drawn tomorrow; jackpot – $168,000,000!
First a brief 50 year maths history lesson to set the scene:
- 1960s: A peasant sells a bag of potatoes for $10. His costs amount to 4/5 of his selling price. What is his profit?
- 1970s: A farmer sells a bag of potatoes for $10. His costs amount to 4/5 of his selling price, that is, $8. What is his profit?
- 1980s: A farmer sells a bag of potatoes for $10. His production costs are $8, and his profit is $2. Underline the word “potatoes” and discuss.
- 1990s: A farmer exchanges a set P of potatoes with set M of money. The cardinality of the set M is equal to 10, and each element of M is worth $1. Draw ten big dots representing the elements of M. The set C of production costs is composed of two big dots less than the set M. Represent C as a subset of M and give the answer to the question: What is the cardinality of the set of profits?
- Current: A farmer sells a bag of potatoes for $10. His or her production costs are 0.80 of his or her revenue. On your calculator, graph revenue vs. costs. Run the POTATO program to determine the profit. Write a brief essay that analyzes this example in the real world of economics. Discuss the outcomes at your local Chamber of Commerce.
Job done – your PhD is in the post!
Well you don’t really need to be a mathematical genius to work out that ONE HUNDRED and NINETY-THREE MILLION and ONE HUNDRED and SIXTY-EIGHT MILLION greenbacks adds up to a shed load of cash – and it could be yours – ALL YOURS! Just match your lottery number picks to the numbers churned out by the machines and this weekend might just be the life-changer you’re hoping for.
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