Suppose the likelihood that a child will attend a live theatrical performance can be modeled byq = 0.01(-0.0076x² + 1.4x + 4.1)(15 < x< 100).%3DHere, q is the fraction of children with annual household income x thousand dollars who will attend a live dramatic performance at a theater during the year. Compute the income elasticity of demand E at an income level of$20,000. (Round your answer to two decimal places.) HINT [See Example 2.]E =Interpret the result.At a family income level of $the fraction of children attending a live theatrical performance is increasing by% per 1% increase in household income.

Given- Suppose the likelihood that a child will attend a live theatrical performance can be modeled…

Answered: Suppose the likelihood that a child…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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The gross national economy of a certain country (in billions of U.S. dollars) can be approximated by P(t) = 1033e0.178, where t=0 corresponds to the year 2000. At what rate is the country's gross national economy changing in the given year? (a) 2008 (b) 2014
5 Quarterly data from 1960Q1 to 2009Q4, stored in the file consumptn.dat, were used to estimate the following relationship between growth in consumption of consumer durables in the U.S. (DURGWTH) and growth in personal disposable income (INCGWTH); DURGWTHt = 0.0103 - 0.163 DURGWTHt-1 + 0.7422 INCGWTHt + 0.3479 INCGWTH t-1 Given that DURGWTH 2009Q4 = 0.1, INCGWTH 2009Q4 = 0.9, INCGWTH 2010 Q1= 0.6, and INCGWTH 2010 Q2= 0.8, forecast DURGWTH for 2010Q1 and 2010Q2
Consider the following estimated model, where the dependent variable is the log of the hourly wage: log(wage) = 0.417 +0.17educ +0.0295tenure - 0.00059tenure? educ = level of education, in years tenure = duration of tenure, in years What is turnaround value (or turning point) for tenure?
Suppose p(t) = -0.24t³ +1091² +7494t+90,000 is the population of a city t years after 1992. a. Determine the average growth rate from 1992 to 2002. b. What was the growth rate for this city in 1995 (when t = 3)? a. The average growth rate from 1992 to 2002 is people/year. (Type an integer or a decimal.) b. The growth rate for this city in 1995 (t = 3) was (Type an integer or a decimal.) people/year.
On the basis of data for the years 1912 through 1992, the expected life span of people in a country can be described by the function f(x) = 12.663 In x+17.681 years, where x is the number of years from 1900 to the person's birth year. What does this model estimate the life span to be for people born in 1937? This model estimates that the life span for people born in 1937 is (Round to the nearest year as needed.) years.
The demand for ceiling fans can be modeled below as D(p) = 25.62(0.996P) thousand ceiling fans where p is the price (in dollars) of a ceiling fan. (a) According to the model, is there a price above which consumers will no longer purchase fans? Explain why or why not. The model is exponential and ---Select--- ✓the horizontal axis. Therefore there ---Select--- above which consumers will not purchase a ceiling fan. (b) Calculate the amount that consumers are willing and able to spend to purchase 17 thousand ceiling fans. (Round your answer to three decimal places.) thousand (c) How many fans will consumers purchase when the market price is $100? (Round your answer to three decimal places.) thousand fans (d) Find the consumers' surplus when the market price is $100. (Round your answer to three decimal places.) thousand
A town's raccoon population is growing exponentially. The expected population can be estimated using the relation P = 1350 (1.013)", where P is the population and n is the number of years. a) What was the current raccoon population? b) What is the expected population in 5 years?
What value of the smoothing constant would make an exponential smoothing forecast the most reactive to recent demand changes?
During the real estate run-up in 2000-2008, the value of subprime (normally classified as risky) mortgage debt outstanding in the United States could be approximated by 1,350 A(t) = billion dollars (0 ≤t≤ 8) 1+ 4.2(1.7)] t years after the start of 2000.t (a) How fast, to the nearest $1 billion, was subprime mortgage debt increasing at the start of 2004? $ billion per yr (b) Compute lim A(t) and lim A'(t). t → +∞0 t → +∞o lim A(t) = t→ +∞ lim A'(t) t +co = What do the answers tell you about subprime mortgages? Had the trend continued indefinitely, the rate of change in the value of subprime mortgage debt outstanding would have approached $ per year in the long run. billion
A supply company charges for 90-liter drums using the demand function p(x)=20.9−1.6x What is the revenue function?
The projected number of people aged 65 and over in the U.S. population with Alzheimer’s disease (in millions) is given by the function: P(t) = -.0002083t3 + .0157t2 - .093t + 5.2 for (4 < t < 40) where t is measured in years, and t = 4 corresponds to 2014. What is the projected number of people aged 65 and over with Alzheimer’s disease in 2030? In 2050?
Suppose a species of fish in a particular lake has a population that is modeled bythe logistic population model with growth rate k, carrying capacity N, and time tmeasured in years. Adjust the model to account for each of the following situations. * One hundred fish are harvested each year.* One-third of the fish population is harvested annually.* The number of fish harvested each year is proportional to the square root of thenumber of fish in the lake. I was hoping to compare my answer to yours because I am a little confused if I did it right. Thank you for your time and effort.

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