A street vender constructs the table below on the basis of sales data. (Note: Consumer expenditure and revenue are terms for the same thing from different perspectives. Consumer expenditure is the amount of money that consumers spend on a product, and revenue is the amount of money that businesses take in by selling the product.) Sales of Roses, Given the Price per Dozen Sales (dozen roses) Price (dollars) 20 25 30 32 169 159 134 94 (a) Find a quadratic function for the model of the data that gives the quantity sold at x dollars, data from 20 sxs 32. (Round all numerical values to three decimal places) S(x)= (b) Find a function for the model for consumer expenditure (revenue for the vendor), where x is the price in dollars, data from 20 sxs 32. (Round all numerical values to three decimal places.) R(x)=

A street vender constructs the table below on the basis of sales data. (Note: Consumer expenditure and revenue are terms for the same thing from different perspectives. Consumer expenditure is the amount of money that consumers spend on a product, and revenue is the amount of money that businesses take in by selling the product.) Sales of Roses, Given the Price per Dozen Sales (dozen roses) Price (dollars) 20 25 30 32 169 159 134 94 (a) Find a quadratic function for the model of the data that gives the quantity sold at x dollars, data from 20 sxs 32. (Round all numerical values to three decimal places) S(x)= (b) Find a function for the model for consumer expenditure (revenue for the vendor), where x is the price in dollars, data from 20 sxs 32. (Round all numerical values to three decimal places.) R(x)=

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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