11. A company that manufactures ski jackets estimates that their fixed costs are $21,900 and variable $24 per jacket. A survey indicates that a price of $140 results in a demand of demand of 300 jackets a price of $100 will result in a demand of 500 jackets. a) Find the price-demand equation assuming a linear relationship b) Find the revenue function and determine the domain its domain using the price-demand equatic c) Find the total cost function d) Find the profit function and the marginal profit function e) Evaluate the marginal profit at production levels of 300 and 600 jackets and interpret your resul specific about quantities units and increasing/decreasing
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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