A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are longer hours. The analysts on the corporate staff would like to develop a model to show how a store's depend on the number of hours that it is open. They have collected the following information from a sample Hours of Operation Average Revenue ($) 40 5958 44 6662 48 6004 48 6011 60 7250 70 8632 72 6964 90 11097
A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are longer hours. The analysts on the corporate staff would like to develop a model to show how a store's depend on the number of hours that it is open. They have collected the following information from a sample Hours of Operation Average Revenue ($) 40 5958 44 6662 48 6004 48 6011 60 7250 70 8632 72 6964 90 11097
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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![A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated in small
towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are open for
longer hours. The analysts on the corporate staff would like to develop a model to show how a store's revenues
depend on the number of hours that it is open. They have collected the following information from a sample of stores.
Hours of Operation
Average Revenue (S)
40
5958
44
6662
48
6004
48
6011
60
7250
70
8632
72
6964
90
11097
100
9107
168
11498
a) Use a linear function (e.g., y = ax + b; where a and b are parameters to optimize) to represent the relationship
between revenue and operating hours and find the values of the parameters using the nonlinear solver that
provide the best fit to the given data. What revenue does your model predict for 120 hours?
b) Suggest a two-parameter nonlinear model (e.g., y = at where a and b are parameters to optimize) for the
same relationship and find the parameters using the Nonlinear Solver that provide the best fit. What revenue
does your model predict for 120 hours? Which if the models in (a) and (b) do you prefer and why?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F863bce61-73e6-4502-9eaf-41fe0bc5b942%2Fb1671d5e-ebcb-4b56-9c82-0fbd6c1f9853%2Frpjzedl_processed.jpeg&w=3840&q=75)
Transcribed Image Text:A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated in small
towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are open for
longer hours. The analysts on the corporate staff would like to develop a model to show how a store's revenues
depend on the number of hours that it is open. They have collected the following information from a sample of stores.
Hours of Operation
Average Revenue (S)
40
5958
44
6662
48
6004
48
6011
60
7250
70
8632
72
6964
90
11097
100
9107
168
11498
a) Use a linear function (e.g., y = ax + b; where a and b are parameters to optimize) to represent the relationship
between revenue and operating hours and find the values of the parameters using the nonlinear solver that
provide the best fit to the given data. What revenue does your model predict for 120 hours?
b) Suggest a two-parameter nonlinear model (e.g., y = at where a and b are parameters to optimize) for the
same relationship and find the parameters using the Nonlinear Solver that provide the best fit. What revenue
does your model predict for 120 hours? Which if the models in (a) and (b) do you prefer and why?
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