The following equation relates spending on medical care in thousands of dollars on age in years: medspend = 5.3 + 1.2age If, instead, we change the scale of medicare care spending to dollars, the slope coefficient will be: 000 0 120 0.0012 1200 0.012
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- In this exercise, you will investigate the relationship between earnings and height. These data are taken from the US National Health Interview Survey for 1994. Download the data from the table by clicking the download table icon . A detailed description of the variables used in the dataset is available here LOADING... . Use a statistical package of your choice to answer the following questions. Earnings and…As the selling price of a product increases, demand decreases. Fewer people will buy a product if it is more expensive. This is a very important concept. The demand equation for new iSmarts is given by 0.025x , where p is the unit p = 100 price (in dollars) of the iSmart and x is the number of units produced. We can determine the total revenue (money earned for selling x iSmarts) by multiplying the number of items we sell, x and the price p. The total revenue obtained by producing and selling x iSmarts is given by = xp 100x – 0.025x². It makes sense that this function is quadratic. The company can price the iSmarts so high that no one will buy them and the revenue will be zero. The can also set the price to $0, but the revenue will still be $0, no matter how many iSmarts they "sell". In between, the graph is a parabola opening downward. Determine prices p that would keep revenue above 6530 dollars. Give your answers to 2 decimal places. The revenue will be above 6530 if price is…Suppose the relationship between the government's tax revenue (T) and national income (Y) is represented by the equation T = 30 +0.5Y. Plot this relationship on a scale diagram, with Y on the horizontal axis and T on the vertical axis. Interpret the equation. Use the line drawing tool to draw the equation. Make sure to plot the vertical axis as one endpoint of the line. Properly label this line. Carefully follow the instructions above, and only draw the required objects.
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