Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using a as the independent variable.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using a as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x) = P . x. R(x) = p . x = (a + ba + car?) xe = ax + bac2 + ca 3 Use this revenue model to answer questions 3-8 below. Question 3 3 pts Use the revenue model above to answer this question. What is a? Round to the nearest integer.Question 4 3 pts Use the revenue model above to answer this question. What is 1)? Round to 2 decimal places. Question 5 3 pts Use the revenue model above to answer this question. What is 0? Round to 4 decimal places. Question 6 3 pts Use the revenue model above to answer this question. Estimate the weekly revenue when the weekly demand is 206. Round to the nearest dollar. $ Question 7 3 pts Use the revenue model above to answer this question. Estimate the marginal weekly revenue when the weekly demand is 109. Round to the nearest cent. $ per sleeping bag Question 8 Use the revenue model above to answer this question. Estimate the average weekly revenue per bag when the weekly demand is 157. Round to the nearest cent. $ per sleeping bag Yaster Outtters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: 0 p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a: sleeping bags; 0 C is the total cost (in dollars) of producing :1: sleeping bags. 0 (9 Use this data to create regression models to answer all of the questions below

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_2

Step: 3

blur-text-image_3

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

Vectors In Physics And Engineering

Authors: Alan Durrant

1st Edition

1351405551, 9781351405553

More Books

Students also viewed these Mathematics questions