Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am Student of BA. and course name is Business Math.Plz solve me This question . (a) An economist believes there is a linear relationship

I am Student of BA. and course name is Business Math.Plz solve me This question .

image text in transcribed
(a) An economist believes there is a linear relationship between the market price of a particular commodity and the number of units suppliers of the commodity are willing to bring to the marketplace. Two sample observations indicate that when the price equals $15 per unit, the weekly supply equals 30,000 units; and when the price equals $20 per unit, the weekly supply equals 48,000 units. (i) If price per unit, p, is plotted on the horizontal axis and the quantity supplied q is plotted on the vertical axis, determine the slope-intercept form of the equation of the line which passes through these two points. (ii) Interpret the slope of the equation in this application. (iii) Predict the weekly supply if the market price equals $25 per unit. (b) Global Insurance Company has four salespeople working in Hill town. The number of policies sold during the last month is given in matrix A, as O'Malley Caponi Stemberg Deutsch 8 7 6 81 Automobile 6 9 11 5 Life A= 4 3 2 O Health N 3- Homeowners i) Let S= [1 1 1 1]. Find SA and interpret its elements. ii) Find AS and interpret its elements

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: ERWIN KREYSZIG

9th Edition

0471488852, 978-0471488859

More Books

Students also viewed these Mathematics questions

Question

Differentiate among the types of trusts.

Answered: 1 week ago