Applied Calculus
7th Edition
ISBN: 9781337291248
Author: Waner, Stefan.
Publisher: Cengage Learning,
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Chapter 5.6, Problem 3E
(a)
To determine
To calculate: The formula for price elasticity of demand
(b)
To determine
To calculate: The price elasticity of demand when the price is fixed at
(c)
To determine
To calculate: The price which results in maximum revenue and the maximum revenue if the sales of smart phones is
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World Military Expenditure The following chart shows total military and arms trade expenditure from 2011–2020 (t = 1 represents 2011).
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(a)
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We would expect the coefficient to be positive because the curve is concave up.
We would expect the coefficient to be negative because the…
U.S. Population The number of White non-Hispanicindividuals in the U.S. civilian non-institutional population 16 years and older was 153.1 million in 2000and is projected to be 169.4 million in 2050.(Source: U.S. Census Bureau)a. Find the average annual rate of change in population during the period 2000–2050, with the appropriate units.b. Use the slope from part (a) and the population in2000 to write the equation of the line associatedwith 2000 and 2050.c. What does this model project the population to bein 2020?
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Chapter 5 Solutions
Applied Calculus
Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - Prob. 6ECh. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - Prob. 10E
Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 112, locate and classify all extrema...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - Prob. 16ECh. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - Prob. 22ECh. 5.1 - Prob. 23ECh. 5.1 - Prob. 24ECh. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - Prob. 30ECh. 5.1 - Prob. 31ECh. 5.1 - Prob. 32ECh. 5.1 - Prob. 33ECh. 5.1 - Prob. 34ECh. 5.1 - Prob. 35ECh. 5.1 - Prob. 36ECh. 5.1 - Prob. 37ECh. 5.1 - Prob. 38ECh. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - Prob. 40ECh. 5.1 - Prob. 41ECh. 5.1 - Prob. 42ECh. 5.1 - In Exercises 13-44, find the exact location of all...Ch. 5.1 - Prob. 44ECh. 5.1 - Prob. 45ECh. 5.1 - Prob. 46ECh. 5.1 - Prob. 47ECh. 5.1 - Prob. 48ECh. 5.1 - In Exercises 4956 the graph of the derivative of a...Ch. 5.1 - Prob. 50ECh. 5.1 - Prob. 51ECh. 5.1 - Prob. 52ECh. 5.1 - In Exercises 4956 the graph of the derivative of a...Ch. 5.1 - Prob. 54ECh. 5.1 - Prob. 55ECh. 5.1 - In Exercises 4956 the graph of the derivative of a...Ch. 5.1 - Prob. 57ECh. 5.1 - Prob. 58ECh. 5.1 - Draw the graph of a function that has stationary...Ch. 5.1 - Draw the graph of a function that has relative,...Ch. 5.1 - If a stationary point is not a relative maximum,...Ch. 5.1 - If one endpoint is a relative maximum, must the...Ch. 5.1 - We said that if f is continuous on a closed...Ch. 5.1 - Prob. 64ECh. 5.1 - Prob. 65ECh. 5.1 - Prob. 66ECh. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - In Exercises 1-8, solve the given optimization...Ch. 5.2 - For a rectangle with perimeter 20 to have the...Ch. 5.2 - For a rectangle with area 100 to have the smallest...Ch. 5.2 - Advertising Costs The cost, in thousands of...Ch. 5.2 - Advertising Costs The cost, in billions of...Ch. 5.2 - Average Cost: iPhones Assume that it costs Apple...Ch. 5.2 - Prob. 14ECh. 5.2 - Pollution Control The cost of controlling...Ch. 5.2 - Prob. 16ECh. 5.2 - Pollution Control (Compare Exercise 15.) The cost...Ch. 5.2 - Pollution Control (Compare Exercise 16.) Repeat...Ch. 5.2 - Fences I would like to create a rectangular...Ch. 5.2 - Fences I would like to create a rectangular orchid...Ch. 5.2 - Prob. 21ECh. 5.2 - Prob. 22ECh. 5.2 - Fences (Compare Exercise 19.) For tax reasons I...Ch. 5.2 - Fences (Compare Exercise 20.) For reasons too...Ch. 5.2 - Revenue Hercules Films is deciding on the price of...Ch. 5.2 - Profit Hercules Films is also deciding on the...Ch. 5.2 - Revenue: Smartphones Worldwide annual sales of...Ch. 5.2 - Projected Revenue: Smartphones Worldwide annual...Ch. 5.2 - Revenue: Monorail Service The demand for monorail...Ch. 5.2 - Revenue: Mars Monorail The demand for monorail...Ch. 5.2 - Revenue Assume that the demand for tuna in a small...Ch. 5.2 - Revenue In the 1930s the economist Henry Schultz...Ch. 5.2 - Revenue During the 1950s the wholesale price for...Ch. 5.2 - Revenue Your underground used-book business is...Ch. 5.2 - Profit: Smartphones (Compare Exercise 27.)...Ch. 5.2 - Projected Profit: Smartphones (Compare Exercise...Ch. 5.2 - Profit The demand equation for your companys...Ch. 5.2 - Profit Because of sales by a competing company,...Ch. 5.2 - Paint Cans A company manufactures cylindrical...Ch. 5.2 - Metal Drums A company manufactures cylindrical...Ch. 5.2 - Tin Cans A company manufactures cylindrical tin...Ch. 5.2 - Metal Drums A company manufactures cylindrical...Ch. 5.2 - Box Design Chocolate Box Company is going to make...Ch. 5.2 - Box Design Vanilla Box Company is going to make...Ch. 5.2 - Box Design A packaging company is going to make...Ch. 5.2 - Prob. 46ECh. 5.2 - Luggage Dimensions American Airlines requires that...Ch. 5.2 - Carry-on Dimensions American Airlines requires...Ch. 5.2 - Luggage Dimensions Fly-by-Night Airlines has a...Ch. 5.2 - Luggage Dimensions Fair Weather Airlines has a...Ch. 5.2 - Package Dimensions The U.S. Postal Service (USPS)...Ch. 5.2 - Prob. 52ECh. 5.2 - Prob. 53ECh. 5.2 - Cellphone Revenues (Refer to Exercise 53.) If we...Ch. 5.2 - Research and Development Spending on research and...Ch. 5.2 - Prob. 56ECh. 5.2 - Asset Appreciation As the financial consultant to...Ch. 5.2 - Plantation Management The value of a fir tree in...Ch. 5.2 - Prob. 59ECh. 5.2 - Prob. 60ECh. 5.2 - Average Profit The FeatureRich Software Company...Ch. 5.2 - Prob. 62ECh. 5.2 - Resource Allocation Your company manufactures...Ch. 5.2 - Prob. 64ECh. 5.2 - Resource Allocation Your automobile assembly plant...Ch. 5.2 - Prob. 66ECh. 5.2 - Prob. 67ECh. 5.2 - Prob. 68ECh. 5.2 - Prob. 69ECh. 5.2 - Prob. 70ECh. 5.2 - Prob. 71ECh. 5.2 - Prob. 72ECh. 5.2 - Prob. 73ECh. 5.2 - Harvesting Forests The following equation models...Ch. 5.2 - Agriculture The fruit yield per tree in an orchard...Ch. 5.2 - Agriculture Two years ago, your orange orchard...Ch. 5.2 - Prob. 77ECh. 5.2 - Prob. 78ECh. 5.2 - Prob. 79ECh. 5.2 - Prob. 80ECh. 5.2 - Prob. 81ECh. 5.2 - Explain why finding the production level that...Ch. 5.2 - Prob. 83ECh. 5.2 - Prob. 84ECh. 5.2 - Prob. 85ECh. 5.2 - Prob. 86ECh. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - Prob. 2ECh. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1-10, calculate d2ydx2. [HINT: See...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1116 the position s of a point (in...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 1724 the graph of a function is...Ch. 5.3 - In Exercises 2528 the graph of the derivative,...Ch. 5.3 - In Exercises 2528 the graph of the derivative,...Ch. 5.3 - In Exercises 2528 the graph of the derivative,...Ch. 5.3 - In Exercises 2528 the graph of the derivative,...Ch. 5.3 - In Exercises 2932 the graph of the second...Ch. 5.3 - In Exercises 2932 the graph of the second...Ch. 5.3 - In Exercises 2932 the graph of the second...Ch. 5.3 - Prob. 32ECh. 5.3 - In Exercises 3344, find the x-coordinates of all...Ch. 5.3 - In Exercises 3344, find the x-coordinates of all...Ch. 5.3 - In Exercises 3344, find the x-coordinates of all...Ch. 5.3 - Prob. 36ECh. 5.3 - Prob. 37ECh. 5.3 - In Exercises 3344, find the x-coordinates of all...Ch. 5.3 - Prob. 39ECh. 5.3 - Prob. 40ECh. 5.3 - Prob. 41ECh. 5.3 - Prob. 42ECh. 5.3 - Prob. 43ECh. 5.3 - Prob. 44ECh. 5.3 - Prob. 45ECh. 5.3 - Prob. 46ECh. 5.3 - Prob. 47ECh. 5.3 - Prob. 48ECh. 5.3 - Prob. 49ECh. 5.3 - Prob. 50ECh. 5.3 - Prob. 51ECh. 5.3 - Prob. 52ECh. 5.3 - Prob. 53ECh. 5.3 - Prob. 54ECh. 5.3 - Acceleration on Mars If a stone is dropped from a...Ch. 5.3 - Acceleration on the Moon If a stone is thrown up...Ch. 5.3 - Motion in a Straight Line The position of a...Ch. 5.3 - Motion in a Straight Line The position of a...Ch. 5.3 - Bottled Water Sales Annual sales of bottled water...Ch. 5.3 - Bottled Water Sales Annual U.S. per capita sales...Ch. 5.3 - Prob. 61ECh. 5.3 - Embryo Development The daily oxygen consumption of...Ch. 5.3 - Inflation The following graph shows the...Ch. 5.3 - Inflation The following graph shows the...Ch. 5.3 - Inflation The following graph shows the...Ch. 5.3 - Inflation The following graph shows the...Ch. 5.3 - Scientific Research: 19832003 The percentage of...Ch. 5.3 - Scientific Research: 19832003 The percentage of...Ch. 5.3 - Prob. 69ECh. 5.3 - Prob. 70ECh. 5.3 - Prob. 71ECh. 5.3 - Prob. 72ECh. 5.3 - Epidemics The following graph shows the total...Ch. 5.3 - Prob. 74ECh. 5.3 - Prob. 75ECh. 5.3 - Prob. 76ECh. 5.3 - Prob. 77ECh. 5.3 - Prob. 78ECh. 5.3 - Prob. 79ECh. 5.3 - Prob. 80ECh. 5.3 - Prob. 81ECh. 5.3 - Oil Imports from Mexico Repeat Exercises 81 using...Ch. 5.3 - Prob. 83ECh. 5.3 - Prob. 84ECh. 5.3 - Prob. 85ECh. 5.3 - Prob. 86ECh. 5.3 - Prob. 87ECh. 5.3 - Prob. 88ECh. 5.3 - Prob. 89ECh. 5.3 - Prob. 90ECh. 5.3 - Complete the following: If the graph of a function...Ch. 5.3 - Prob. 92ECh. 5.3 - Prob. 93ECh. 5.3 - The graph of daily sales of Luddingtons Wellington...Ch. 5.3 - Prob. 95ECh. 5.3 - Company Cs profits satisfy P(0)=1 million, P;(0)=1...Ch. 5.3 - Prob. 97ECh. 5.3 - Prob. 98ECh. 5.4 - In Exercises 126, sketch the graph of the given...Ch. 5.4 - Prob. 2ECh. 5.4 - Prob. 3ECh. 5.4 - Prob. 4ECh. 5.4 - Prob. 5ECh. 5.4 - In Exercises 126, sketch the graph of the given...Ch. 5.4 - In Exercises 126, sketch the graph of the given...Ch. 5.4 - Prob. 8ECh. 5.4 - Prob. 9ECh. 5.4 - Prob. 10ECh. 5.4 - Prob. 11ECh. 5.4 - Prob. 12ECh. 5.4 - Prob. 13ECh. 5.4 - In Exercises 126, sketch the graph of the given...Ch. 5.4 - Prob. 15ECh. 5.4 - Prob. 16ECh. 5.4 - Prob. 17ECh. 5.4 - Prob. 18ECh. 5.4 - In Exercises 126, sketch the graph of the given...Ch. 5.4 - Prob. 20ECh. 5.4 - Prob. 21ECh. 5.4 - Prob. 22ECh. 5.4 - Prob. 23ECh. 5.4 - Prob. 24ECh. 5.4 - Prob. 25ECh. 5.4 - Prob. 26ECh. 5.4 - Prob. 27ECh. 5.4 - Prob. 28ECh. 5.4 - Prob. 29ECh. 5.4 - Prob. 30ECh. 5.4 - Home Prices The following graph shows a rough...Ch. 5.4 - Prob. 32ECh. 5.4 - Prob. 33ECh. 5.4 - Prob. 34ECh. 5.4 - Consumer Price Index The following graph shows the...Ch. 5.4 - Consumer Price Index The following graph shows the...Ch. 5.4 - Prob. 37ECh. 5.4 - Prob. 38ECh. 5.4 - Prob. 39ECh. 5.4 - Average Cost: PlayStation 4s Assume that it costs...Ch. 5.4 - Prob. 41ECh. 5.4 - Subprime Mortgage Debt during the Housing Bubble...Ch. 5.4 - Prob. 43ECh. 5.4 - Prob. 44ECh. 5.4 - Prob. 45ECh. 5.4 - Prob. 46ECh. 5.4 - Prob. 47ECh. 5.4 - Prob. 48ECh. 5.4 - Prob. 49ECh. 5.4 - Prob. 50ECh. 5.5 - Rewrite the statements and questions in Exercises...Ch. 5.5 - Rewrite the statements and questions in Exercises...Ch. 5.5 - Prob. 3ECh. 5.5 - Rewrite the statements and questions in Exercises...Ch. 5.5 - Prob. 5ECh. 5.5 - Prob. 6ECh. 5.5 - Rewrite the statements and questions in Exercises...Ch. 5.5 - Rewrite the statements and questions in Exercises...Ch. 5.5 - Prob. 9ECh. 5.5 - Puddles The radius of a circular puddle is growing...Ch. 5.5 - Balloons A spherical party balloon is being...Ch. 5.5 - Prob. 12ECh. 5.5 - Prob. 13ECh. 5.5 - Prob. 14ECh. 5.5 - Sliding Ladders The base of a 50-foot ladder is...Ch. 5.5 - Prob. 16ECh. 5.5 - Prob. 17ECh. 5.5 - Descending Elevator You are situated 300 feet from...Ch. 5.5 - Average Cost The average cost function for the...Ch. 5.5 - Average Cost Repeat Exercise 19, using the revised...Ch. 5.5 - Demand Demand for your tie-dyed T-shirts is given...Ch. 5.5 - Supply The number of retro portable CD players you...Ch. 5.5 - Revenue You can now sell 50 cups of lemonade per...Ch. 5.5 - Revenue You can now sell 40 cars per month at...Ch. 5.5 - Oil Revenues Daily oil production by Pemex,...Ch. 5.5 - Oil Expenditures Daily oil imports to the United...Ch. 5.5 - Resource Allocation Your company manufactures...Ch. 5.5 - Resource Allocation Your company is the largest...Ch. 5.5 - Production The automobile assembly plant you...Ch. 5.5 - Prob. 30ECh. 5.5 - Prob. 31ECh. 5.5 - Demand The demand equation for rubies at Royal...Ch. 5.5 - Ships Sailing Apart The H.M.S. Dreadnaught is 40...Ch. 5.5 - Near Miss My aunt and I were approaching the same...Ch. 5.5 - Baseball A baseball diamond is a square with side...Ch. 5.5 - Baseball Refer to Exercise 35. Another player is...Ch. 5.5 - Prob. 37ECh. 5.5 - Prob. 38ECh. 5.5 - Prob. 39ECh. 5.5 - Prob. 40ECh. 5.5 - Prob. 41ECh. 5.5 - Grades A production formula for a students...Ch. 5.5 - Cones A right circular conical vessel is being...Ch. 5.5 - More Cones A circular conical vessel is being...Ch. 5.5 - Prob. 45ECh. 5.5 - Prob. 46ECh. 5.5 - Computers vs. Income In the 1990s the demand for...Ch. 5.5 - Computers vs. Income Refer back to the model in...Ch. 5.5 - Prob. 49ECh. 5.5 - Prob. 50ECh. 5.5 - Prob. 51ECh. 5.5 - Prob. 52ECh. 5.5 - Prob. 53ECh. 5.5 - Prob. 54ECh. 5.5 - Prob. 55ECh. 5.5 - Prob. 56ECh. 5.5 - Prob. 57ECh. 5.5 - Prob. 58ECh. 5.5 - Prob. 59ECh. 5.5 - Prob. 60ECh. 5.5 - Prob. 61ECh. 5.5 - Prob. 62ECh. 5.6 - Demand for Oranges The weekly sales of Honolulu...Ch. 5.6 - Prob. 2ECh. 5.6 - Prob. 3ECh. 5.6 - Prob. 4ECh. 5.6 - College Tuition An old study of about 1,800 U.S....Ch. 5.6 - Monorail Services The demand for monorail service...Ch. 5.6 - Tissues The consumer demand equation for tissues...Ch. 5.6 - Bodybuilding The consumer demand curve for...Ch. 5.6 - T-Shirts The Physics Club sells E=mc2 T-shirts at...Ch. 5.6 - Comics The demand curve for original Iguanawoman...Ch. 5.6 - E-Readers The demand for Amazons Kindle e-reader...Ch. 5.6 - Prob. 12ECh. 5.6 - Corn In the 1930s the economist Henry Schultz...Ch. 5.6 - Demand for Fried Chicken A fried chicken franchise...Ch. 5.6 - Paint-By-Number The estimated monthly sales of...Ch. 5.6 - Paint-By-Number Repeat Exercise 15 using the...Ch. 5.6 - Linear Demand Functions A general linear demand...Ch. 5.6 - Exponential Demand Functions A general exponential...Ch. 5.6 - Hyperbolic Demand Functions A general hyperbolic...Ch. 5.6 - Quadratic Demand Functions A general quadratic...Ch. 5.6 - Modeling Linear Demand You have been hired as a...Ch. 5.6 - Modeling Linear Demand You have been hired as a...Ch. 5.6 - Modeling Exponential Demand As the new owner of a...Ch. 5.6 - Prob. 24ECh. 5.6 - Prob. 25ECh. 5.6 - Prob. 26ECh. 5.6 - Income Elasticity of Demand: Broadband in 2010 The...Ch. 5.6 - Income Elasticity of Demand: Broadband in 2007 The...Ch. 5.6 - Prob. 29ECh. 5.6 - Prob. 30ECh. 5.6 - Prob. 31ECh. 5.6 - Price Elasticity of Supply Given a supply equation...Ch. 5.6 - Income Elasticity of Demand (based on a question...Ch. 5.6 - Prob. 34ECh. 5.6 - Complete the following: When demand is inelastic,...Ch. 5.6 - Prob. 36ECh. 5.6 - Prob. 37ECh. 5.6 - Given that the demand q is a differentiable...Ch. 5.6 - Prob. 39ECh. 5.6 - Prob. 40ECh. 5 - In Exercises 18, find all the relative and...Ch. 5 - Prob. 2RECh. 5 - Prob. 3RECh. 5 - Prob. 4RECh. 5 - Prob. 5RECh. 5 - Prob. 6RECh. 5 - Prob. 7RECh. 5 - Prob. 8RECh. 5 - Prob. 9RECh. 5 - Prob. 10RECh. 5 - Prob. 11RECh. 5 - Prob. 12RECh. 5 - Prob. 13RECh. 5 - Prob. 14RECh. 5 - Prob. 15RECh. 5 - Prob. 16RECh. 5 - Prob. 17RECh. 5 - Prob. 18RECh. 5 - Prob. 19RECh. 5 - Prob. 20RECh. 5 - Prob. 21RECh. 5 - Prob. 22RECh. 5 - Revenue Demand for the latest best-seller at...Ch. 5 - Revenue Demand for The Secret Loves of John O, a...Ch. 5 - Prob. 25RECh. 5 - Prob. 26RECh. 5 - Office Space Although still a sophomore at...Ch. 5 - Recreation Space As a result of complaints by the...Ch. 5 - Box Design The sales department at...Ch. 5 - Prob. 30RECh. 5 - Prob. 31RECh. 5 - Prob. 32RECh. 5 - Prob. 33RECh. 5 - Company Logos OHaganBooks.coms website has an ani-...Ch. 5 - Prob. 35RECh. 5 - Prob. 36RECh. 5 - Prob. 37RECh. 5 - Prob. 38RE
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- Use this information to solve Exercises 9–11:A company is planning to produce and sell a new line of computers. The fixed cost will be $360,000 and it will cost $850 to produce each computer. Each computer will be sold for $1150. 9. Write the cost function, C, of producing x computers. 10. Write the revenue function, R, from the sale of x computers. 11. Determine the break-even point. Describe what this means.arrow_forwardWorld Population The low long-range world population numbers and projections for the years 1995–2150 are given by the equation y = -0.00036x2+0.0385x + 5.823, where x is the number of yearsafter 1990 and y is in billions. During what yearsdoes this model estimate the population to be above6 billion?arrow_forwardQ. Table provided gives data on gross domestic product (GDP) for the United States for the years 1959–2005. a. Plot the GDP data in current and constant (i.e., 2000) dollars against time. b. Letting Y denote GDP and X time (measured chronologically starting with 1 for 1959, 2 for 1960, through 47 for 2005), see if the following model fits the GDP data: Yt = β1 + β2 Xt + ut Estimate this model for both current and constant-dollar GDP. c. How would you interpret β2? d. If there is a difference between β2 estimated for current-dollar GDP and that estimated for constant-dollar GDP, what explains the difference? e. From your results what can you say about the nature of inflation in the United States over the sample period?arrow_forward
- Q. Table gives data on gold prices, the Consumer Price Index (CPI), and the New York Stock Exchange (NYSE) Index for the United States for the period 1974 –2006. The NYSE Index includes most of the stocks listed on the NYSE, some 1500-plus. a. Plot in the same scattergram gold prices, CPI, and the NYSE Index. b. An investment is supposed to be a hedge against inflation if its price and /or rate of return at least keeps pace with inflation. To test this hypothesis, suppose you decide to fit the following model, assuming the scatterplot in (a) suggests that this is appropriate: Gold pricet = β1 + β2 CPIt + ut NYSE indext = β1 + β2 CPIt + ut Note that if beta2 = 1 the response exactly grows with CPI Thank you!arrow_forwardThe average number of people in a family that received welfare for various years is given below. Year Welfare family size 1969 4.0 1973 3.6 1975 3.2 1979 3.0 1983 3.0 1988 3.0 1991 2.9 Part (d) Find the estimated welfare family size in 1971. (Use your equation from part (b). Round your answer to one decimal place.) peopleFind the estimated welfare family size in 1990. (Use your equation from part (b). Round your answer to one decimal place.) people Part (e) Use the two points in part (d) to plot the least squares line. (Upload your file below.) Part (g) Using the rounded least squares line, estimate the welfare family sizes for 1960 and 1995. (Use your equation from part (b). Round your answer to one decimal place.) 1960 people 1995 people Does the least squares line give an accurate estimate for those years? Explain why or why not. Yes, we can estimate the welfare family size for any year using the least squares line. No, the…arrow_forwardA two-day environmental clean up started at 9AM on the first day. The number of workers fluctuated as shown in the following figure. Suppose that the workers were paid 17 dollars per hour for work during the time period 9 am to 5 pm and were paid 25.5 dollars per hour for work during the rest of the day. What would the total personnel costs of the clean up have been under these conditions?total cost = dollarsarrow_forward
- The revenue for Google for the years 2010–2014 is shown in the following table (Wallstreet Journal, August 2014). Deflate the revenue in dollars based on the CPI (1982–1984base period). Comment on the company’s revenue in deflated dollars. Year Revenue ($ billions) CPI2010 29.3 218.12011 37.9 224.92012 50.2 229.62013 59.8 233.02014 66.7 236.7arrow_forwardEXERCISE 1.3arrow_forwardMake calculations in excel and explain why did you choose this formula. Put explanations (answers) for each question. Thank you in advance. The below data represent the advertising expenditure and sales of Little Liu Ltd from year 2008 to 2017. Table: Advertising Expenditure vs. Sales from 2008 to 2017 Year Advert. Expenditure Sales (x, £000) (y, £000) 2008 8 30 2009 12 40 2010 11 29 2011 5 29 2012 14 43 2013 3 17 2014 6 20 2015 8 30 2016 4 22 2017 9 40 Total 80 300 a). What is the statistical relationship shown in the Figure and list out 3 characteristics of this relationship? b). Work out the values of parameters of the relationship shown in the Figure (i.e. work out the equation of the relationship). c). Explain the relationship and make a recommendation to Little Liu Ltd based on the information given. Figure: Scatter Diagram of Advertising Expenditure and Sales with…arrow_forward
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