The accompainying table gives price supply data for the sale of hogs at a livestock market, where
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The accompainying table gives price– supply data for the sale of hogs at a livestock market, where x is the number of pounds (in thousands) and p is the price per pound (in cents):
(A) Using quadratic regression to model the data, find the demand at a price of 52.50 cents per pound.
(B) Use a numerical integration routine to find the producers’ surplus (to the nearest dollar) at a price level of 52.50 cents per pound.
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Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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