Concept explainers
a.
Make a table of the student who says “yes” at each price level.
a.
Answer to Problem 13P
The table is,
Explanation of Solution
Given: The price table,
Calculation:
The function “RANDBETWEEN(1,40)” is used in the excel to make a table.
Let’s take there are 200 students in the class. During the survey 39 students say “yes” to pay
b.
Sketch a
b.
Answer to Problem 13P
The graph is,
Explanation of Solution
Given: The data which is found in part (a),
Calculation:
Using Excel to scetch a scatter plot.
- Write the data in the excel and plot using chart “scatter”.
c.
Draw a regression line.
c.
Answer to Problem 13P
The solution is,
Explanation of Solution
Given: The data set is,
Calculation:
The regression line is defined as,
Find the value of a and b using relation,
After simplifying the value of a and b, put into the equation (1) and get the solution.
Using Excel to scetch a scatter plot.
d.
Explain what is p-intercept of the demand equation.
d.
Answer to Problem 13P
The price-intercept is defined as the price at which quantity demand equals to zero.
Explanation of Solution
Given: The data set is,
Calculation:
The quantity demand equation is defined as,
Where,
Let’s take
Chapter 1 Solutions
Precalculus: Mathematics for Calculus - 6th Edition
- Calculus: Early TranscendentalsCalculusISBN:9781285741550Author:James StewartPublisher:Cengage LearningThomas' Calculus (14th Edition)CalculusISBN:9780134438986Author:Joel R. Hass, Christopher E. Heil, Maurice D. WeirPublisher:PEARSONCalculus: Early Transcendentals (3rd Edition)CalculusISBN:9780134763644Author:William L. Briggs, Lyle Cochran, Bernard Gillett, Eric SchulzPublisher:PEARSON
- Calculus: Early TranscendentalsCalculusISBN:9781319050740Author:Jon Rogawski, Colin Adams, Robert FranzosaPublisher:W. H. FreemanCalculus: Early Transcendental FunctionsCalculusISBN:9781337552516Author:Ron Larson, Bruce H. EdwardsPublisher:Cengage Learning