Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Just want to check if my work is correct, thanks! Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and
Just want to check if my work is correct, thanks!
Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: . p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of x sleeping bags; . C is the total cost (in dollars) of producing x sleeping bags. (sleeping p ($) C ($) bags) 95 240 13,000 120 235 14,300 180 155 18,500 220 50 21,000 Use this data to create regression models to answer all of the questions below.Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: . p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of x sleeping bags; . C is the total cost (in dollars) of producing x sleeping bags. (sleeping p ($) C ($) bags) 95 240 13,000 120 235 14,300 180 155 18,500 220 50 21,000 Use this data to create regression models to answer all of the questions below.Prot Model Use the revenue and cost models above to construct a model for prot. Find a model for the weekly prot, using a: as the independent variable. P(:1:)= rl um l 3:132 +tx3 NOTE: Do not calculate another regression. Use the fact that prot is revenue minus cost. Round 7' to the nearest integer, round 11, to 1 decimal place, round 3 to 2 decimal places, and round t to 4 decimal places. Use this prot model to answer questions 16-29 below. Additional Information The weekly prot model has roots at a: = 52.789, :73 = 47.555, and :1: = 202.944, rounded to 3 decimal places. The marginal weekly prot model has roots at a: = 8.488 and a: = 140.295, rounded to 3 decimal places. Use this information and the prot model to answer the questions 24-29 below. Yaster Outfitters . makes a profit on extreme- cold sleeping bags when the weekly production level x satisfies A B. In other words, Yaster starts making a profit when production exceeds A sleeping bags per week, and starts losing money when production exceeds B sleeping bags per week. Round A and B to 3 decimal places. Use this definition of A and B, the Additional Information, and the profit model above to answer questions 28-29 below.Question 28 3 pts Use this definition of A and B, the Additional Information, and the profit model above to answer this question. What is A? Round to 3 decimal places. sleeping bags 47.555Question 29 2 pts Use this definition of A and B, the Additional Information, and the profit model above to answer this question. What is B? Round to 3 decimal places. sleeping bags 202.914Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started