Nora's Gift Shop sells Hokie Bird figurines. The followingtable gives the gift shop's weekly revenue (in dollars) fromselling these figurines if the price of a figurine is p dollars.Price (p) $5 $8 $10 $12 $13 $14WeeklyRevenue$281.20 $337.30 $363.70 $381.30 $386.80 $390.10Assume that the demand equation for the Hokie Birdfigurines is linear. Open an Excel window and make ascatterplot of the data. Use the appearance of the scatterplottogether with your knowledge of the problem fit anappropriate trendline to the data. Use your model to estimatethe weekly revenue from selling Hokie Bird figurines inNora's Gift Shop if the price of each figurine is $11.50.NOTE: Numbers are rounded.

The question is about regression.Given :To find :1 ) Make a scatterplot and fit a model2 ) Estimate…

Answered: Nora's Gift Shop sells Hokie Bird…

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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In agricultural economics, a “supply response function” describes how supply of a commodity responds to changes in the price of that commodity. Year Seeded Area (hectares) Harvested Area (hectares) Average Yield (kg per ha) Production (tonnes) Price per Tonne ($/tonne) 1966 1,317,000 1,317,000 1,630 2,150,000 65 1967 1,424,000 1,424,000 1,720 2,449,000 60 1968 1,376,000 1,376,000 1,800 2,477,000 48 1969 1,012,000 1,012,000 1,720 1,742,000 46 1970 567,000 567,000 1,465 830,000 52 1971 1,019,000 1,019,000 1,975 2,014,000 50 1972 1,052,000 1,052,000 1,785 1,878,000 68 1973 1,214,000 1,214,000 1,725 2,095,000 158 1974 1,133,000 1,133,000 1,415 1,605,000 147 1975 1,255,000 1,255,000 1,690 2,123,000 130 1976 1,538,000 1,538,000 1,820 2,803,000 103 1977 1,295,000 1,295,000 2,125 2,749,000 98 1978 1,376,000 1,376,000 2,055 2,831,000 133 1979 1,214,000 1,214,000 1,680 2,041,000 170 1980 1,336,000 1,336,000 1,425 1,905,000 203 1981 1,577,900 1,577,900…
As Sales Manager for ISeeYou Productions, you are planning to review the prices you charge clients for television advertisement development. You currently charge each client a development fee of $9,000. With this pricing structure, ISeeYou is able to sign 24 contracts per month. This is down from 56 contracts, which was the figure last year when your company charged each client only $5,000. (a) Construct a linear function that yields the development fee p that ISeeYou should charge in order to sign g contracts per month. p(q) = (b) Find the total revenue R ISeeYou obtains by signing q contracts. R(g) = (c) The costs to ISeeYou Productions are estimated as follows: Fixed costs: $80,000 per month 1,000g dollars (when g contracts are signed) Variable costs: Express ISeeYou Productions' monthly cost as a function the number q of contracts. C(a) = (d) Express ISeeYou Productions' monthly profit as a function of the number q of contracts. P(g) = (e) How many contracts could ISeeYou sign to…
The demand functions for two products are given below. P₁, P2, 91, and 92 are the prices (in dollars) and quantities for products 1 and 2. 91 = 1200 - 2p1 - 5p2 92 = 1300 - 5p1 - 3p2 What is the quantity demanded for each when the price for product 1 is $30 per item and the price for product 2 is $10 per item? Demand for product 1: Demand for product 2: Are these two products complementary goods or substitute goods? Select an answer
Provide a bar chart (with data labels rounded to two decimal points) showing the average demand for each day of the week (Sun., Mon., etc.) Day Date Weekday Daily Demand Weekend 1 4/25/2016 Mon 297 0 2 4/26/2016 Tue 293 0 3 4/27/2016 Wed 327 0 4 4/28/2016 Thu 315 0 5 4/29/2016 Fri 348 0 6 4/30/2016 Sat 447 1 7 5/1/2016 Sun 431 1 8 5/2/2016 Mon 283 0 9 5/3/2016 Tue 326 0 10 5/4/2016 Wed 317 0 11 5/5/2016 Thu 345 0 12 5/6/2016 Fri 355 0 13 5/7/2016 Sat 428 1 14 5/8/2016 Sun 454 1 15 5/9/2016 Mon 305 0 16 5/10/2016 Tue 310 0 17 5/11/2016 Wed 350 0 18 5/12/2016 Thu 308 0 19 5/13/2016 Fri 366 0 20 5/14/2016 Sat 460 1 21 5/15/2016 Sun 427 1 22 5/16/2016 Mon 291 0 23 5/17/2016 Tue 325 0 24 5/18/2016 Wed 354 0 25 5/19/2016 Thu 322 0 26 5/20/2016 Fri 405 0 27 5/21/2016 Sat 442 1 28 5/22/2016 Sun 454 1 29 5/23/2016 Mon 318 0 30 5/24/2016 Tue 298 0 31 5/25/2016 Wed 355 0 32 5/26/2016 Thu 355 0 33 5/27/2016 Fri 374 0 34…
Use regression analysis on deseasonalized demand to forecast demand in summer 2013. Forecast for summer 2023 ______

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