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4.- The following table gives the total sales (revenue) and profits of 8 retailers •Total sales and revenues for 8 retailers Company Total sales Profits (millions of $) (millions of $) Adams 9.5 0.5 Browns 22.0 1.4 Clay 35.0 1.8 Domers 64.0 3.0 Esters 27.5 0.9 Framer 45.0 2.6 Gillies 15.0 0.8 Hays 57.0 2.2 Let p be the revenue of profits for 8 retailers at t total sales. A reasonable model is p = 0.04t +0.17 Construct a scatterplot. a) d) Direction: What does it mean in this situation? c) [ What is the p-intercept? What does it mean in this situation? C.₁ Use the model to estimate revenue of profits for a company with total sales of $55.5 million. Did you perform interpolation or extrapolation?

4.- The following table gives the total sales (revenue) and profits of 8 retailers •Total sales and revenues for 8 retailers Company Total sales Profits (millions of $) (millions of $) Adams 9.5 0.5 Browns 22.0 1.4 Clay 35.0 1.8 Domers 64.0 3.0 Esters 27.5 0.9 Framer 45.0 2.6 Gillies 15.0 0.8 Hays 57.0 2.2 Let p be the revenue of profits for 8 retailers at t total sales. A reasonable model is p = 0.04t +0.17 Construct a scatterplot. a) d) Direction: What does it mean in this situation? c) [ What is the p-intercept? What does it mean in this situation? C.₁ Use the model to estimate revenue of profits for a company with total sales of $55.5 million. Did you perform interpolation or extrapolation?

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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### Total Sales and Profits for 8 Retailers The following table gives the total sales (revenue) and profits of 8 retailers: | Company | Total Sales (millions of $) | Profits (millions of $) | |---------|-------------------------------|--------------------------| | Adams | 9.5 | 0.5 | | Browns | 22.0 | 1.4 | | Clay | 35.0 | 1.8 | | Domers | 64.0 | 3.0 | | Esters | 27.5 | 0.9 | | Framer | 45.0 | 2.6 | | Gillies | 15.0 | 0.8 | | Hays | 57.0 | 2.2 | Let \( p \) be the revenue of profits for 8 retailers at \( t \) total sales. A reasonable model is \( p = 0.04t + 0.17 \). ### Questions **a) Construct a scatterplot.** *A diagrammatic section with an empty Cartesian coordinate system is provided for scatterplot construction.* **d) Direction:** What does it mean in this situation? **c) What is the p-intercept? What does it mean in this situation?** **c\(_1\)** Use the model to estimate revenue of profits for a company with total sales of $55.5 million. Did you perform interpolation or extrapolation? --- ### Explanation of Graphs and Diagrams **Constructing the Scatterplot:** A scatterplot is a graphical representation where each company’s total sales (x-axis) is plotted against its profits (y-axis). To build this plot: 1. Label the x-axis as "Total Sales (millions of $)" 2. Label the y-axis as "Profits (millions of $)" 3. Plot each of the provided data points accordingly. **Diagram Direction and Analysis:** - **Direction:** Examines the relationship between total sales and profits. Ideally, as total sales increase, profits should also increase. The model provided predicts this relationship, where \( p \) (profits) is a linear function of \( t \) (total sales). **p-Intercept:** - **p-Intercept (0.17)**
Transcribed Image Text:### Total Sales and Profits for 8 Retailers The following table gives the total sales (revenue) and profits of 8 retailers: | Company | Total Sales (millions of $) | Profits (millions of $) | |---------|-------------------------------|--------------------------| | Adams | 9.5 | 0.5 | | Browns | 22.0 | 1.4 | | Clay | 35.0 | 1.8 | | Domers | 64.0 | 3.0 | | Esters | 27.5 | 0.9 | | Framer | 45.0 | 2.6 | | Gillies | 15.0 | 0.8 | | Hays | 57.0 | 2.2 | Let \( p \) be the revenue of profits for 8 retailers at \( t \) total sales. A reasonable model is \( p = 0.04t + 0.17 \). ### Questions **a) Construct a scatterplot.** *A diagrammatic section with an empty Cartesian coordinate system is provided for scatterplot construction.* **d) Direction:** What does it mean in this situation? **c) What is the p-intercept? What does it mean in this situation?** **c\(_1\)** Use the model to estimate revenue of profits for a company with total sales of $55.5 million. Did you perform interpolation or extrapolation? --- ### Explanation of Graphs and Diagrams **Constructing the Scatterplot:** A scatterplot is a graphical representation where each company’s total sales (x-axis) is plotted against its profits (y-axis). To build this plot: 1. Label the x-axis as "Total Sales (millions of $)" 2. Label the y-axis as "Profits (millions of $)" 3. Plot each of the provided data points accordingly. **Diagram Direction and Analysis:** - **Direction:** Examines the relationship between total sales and profits. Ideally, as total sales increase, profits should also increase. The model provided predicts this relationship, where \( p \) (profits) is a linear function of \( t \) (total sales). **p-Intercept:** - **p-Intercept (0.17)**
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