1997 Fuller and coworkers at Texas A&M University estimated the operating costs of cotton gin plants of various sizes. The operating costs of the next to the smallest plant is shown in the following table. x 2000 4000 6000 8000 10000 12000 y 163,200 230,480 301,500 376,160 454,400 536,400 Here x is the annual number of bales produced, and y is the dollar total cost. (Use 4 decimal places in your answer.) A. Determine the best fitting line using least squares. Also determine the square of the correlation coefficient. The best fitting line is C(x) = . The square of the correlation coefficient is r2 = . B. The study noted that revenue was $63.25 per bale. At what level of production will this plant break even? The revenue equation is R(x) = The profit equation is P(x) = The production will break even when bales are produced. C. What are the profits or losses when production is 3000 bales? 4000 bales? (Round to the nearest cent.) When 3000 bales are produced, the gin experiences a (loss, profit) of $ . When 4000 bales are produced, the gin experiences a (loss, profit) of $
1997 Fuller and coworkers at Texas A&M University estimated the operating costs of cotton gin plants of various sizes. The operating costs of the next to the smallest plant is shown in the following table. x 2000 4000 6000 8000 10000 12000 y 163,200 230,480 301,500 376,160 454,400 536,400 Here x is the annual number of bales produced, and y is the dollar total cost. (Use 4 decimal places in your answer.) A. Determine the best fitting line using least squares. Also determine the square of the correlation coefficient. The best fitting line is C(x) = . The square of the correlation coefficient is r2 = . B. The study noted that revenue was $63.25 per bale. At what level of production will this plant break even? The revenue equation is R(x) = The profit equation is P(x) = The production will break even when bales are produced. C. What are the profits or losses when production is 3000 bales? 4000 bales? (Round to the nearest cent.) When 3000 bales are produced, the gin experiences a (loss, profit) of $ . When 4000 bales are produced, the gin experiences a (loss, profit) of $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Concept explainers
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Topic Video
Question
n 1997 Fuller and coworkers at Texas A&M University estimated the operating costs of cotton gin plants of various sizes. The operating costs of the next to the smallest plant is shown in the following table. x 2000 4000 6000 8000 10000 12000 y 163,200 230,480 301,500 376,160 454,400 536,400 Here x is the annual number of bales produced, and y is the dollar total cost. (Use 4 decimal places in your answer.) A. Determine the best fitting line using least squares. Also determine the square of the correlation coefficient . The best fitting line is C(x) = . The square of the correlation coefficient is r2 = . B. The study noted that revenue was $63.25 per bale. At what level of production will this plant break even? The revenue equation is R(x) = The profit equation is P(x) = The production will break even when bales are produced. C. What are the profits or losses when production is 3000 bales? 4000 bales? (Round to the nearest cent.) When 3000 bales are produced, the gin experiences a (loss, profit) of $ . When 4000 bales are produced, the gin experiences a (loss, profit) of $ .
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, advanced-math and related others by exploring similar questions and additional content below.Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
