A company's cost in dollars to produce n shoes is given by C(n)=5700+50n+0.75n^2. Assume that revenue is proportional to the number of shoes produced, and making 80 shoes brings in $12,000 in revenue. What is the formula for total profit from the sale of n shoes? At what production level is the average cost per shoe lowest?
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.
A company's cost in dollars to produce n shoes is given by C(n)=5700+50n+0.75n^2.
- Assume that revenue is proportional to the number of shoes produced, and making 80 shoes brings in $12,000 in revenue. What is the formula for total profit from the sale of n shoes?
- At what production level is the average cost per shoe lowest?
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