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

See similar textbooks

Similar questions

Draw the following production function: y=0.4x+ 0.09x² - 0.003x³ for the value of x between 0-30, find the MPP and APP then draw and derive the formula for the production elasticity of the function. Is the elasticity of production constant or not? tell
The demand for a 12-ounce bottle of sparkling water is given in the table. Demand Schedule for Sparkling Water in 12-ounce Bottles Price (dollars per bottle) 2.29 2.69 3.09 3.49 3.89 4.29 Demand (million bottles) 25 9 3 2 1 0.5 (a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 ≤ p ≤ 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model is exponential and ---Select--- ✓the horizontal axis. Therefore there is ---Select--- above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $3.87? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one…
The demand for a 12-ounce bottle of sparkling water is given in the table. Demand Schedule for Sparkling Water in 12-ounce Bottles Price (dollars per bottle) 2.29 2.69 3.09 3.49 3.89 4.29 Demand (million bottles) 25 9 3 2 1 0.5 (a) Write the function for the exponential model that gives demand in million bottles, as a function of price per bottle p, with data from 2.29 s ps 4.29. (Round all numerical values to two decimal places. Be sure you use the correct input variable p.) D(p) = Does the model indicate a price above which consumers will purchase no bottles of water? The model is exponential and ---Select--- the horizontal axis. Therefore there is --Select--- above which consumers will not purchase water. (b) What quantity of water will consumers purchase when the market price is $4.09? (Round your answer to two decimal places.) million bottles (c) Calculate the amount that consumers willing and able to spend to purchase the quantity found in part (b). (Round your answer to one…
Pls answer it with step by step explanation
43) Suppose we observe a large increase in the price of corn but the quantity of corn sold stays the same. What is the most plausible explanation (or combination of explanations) below? a) A drought occurred in corn-growing regions. b) A drought occurred in corn-growing regions and a medical report was issued that corn is good for your health. c) A drought occurred in corn-growing regions and a medical report was issued that corn is bad for your health. d) A few fertilizer was invented that doubles corn yields. e) A new fertilizer was invented that doubles corn yields and a medical report was issued that corn is bad for your health. 44) Suppose we observe that the price of paper has increased and the quantity of paper sold has decreased. What is the most plausible explanation? a) Consumers demand less paper because of increased use of the Internet. b) The price of pens and pencils increased dramatically. c) The number of children in schools decreased dramatically. d) More logging for…
1 Question: Write down the inverse demand function 2 Question: write expressions for TR and MR as a function og the Numbers of tickets sold
"The diagram reveals that X2>X1. This indicates that consumption of X rose as X's price went up." --> Can you explain, because I thought the law of the demand has an inverse relationship?
Recently, in Sunshine Town, the price of Twinkies (A Twinkie is an American snack cake, described as "golden sponge cake with a creamy filling) fell from $0.80 to $0.70. As a result, the quantity demanded of Ho-Ho's (i.e Ho-Ho’s are small, cylindrical, frosted, cream-filled chocolate snack cakes with a pinwheel design based on the Swiss roll) decreased from 120 to 100. What would be the appropriate elasticity to compute? Using the midpoint method, compute this elasticity. What does your answer tell you
Consumer demand for Caramel Iced Mochas (a kind of drink) at a coffee shop is given by p=7−.25x dollars per drink, where x items are drinks are sold every day. Total consumer spending S is the product of the price per drink and the number of drinks sold. Which of the following is a formula for total consumer spending?