Suppose that a cell phone plan that is offered at a price of P dollars per month attracts C customers, where C(P) is a linear demand function for $100 < P < $500. Assume C(lOO) = 1,000,000 and C(500) = 100,000.(a) Determine the demand function C ( P).(b) What is the slope of the graph of C(P)? Describe what the slope represents.( c) What is the decrease in the number of customers for each increaseof $100 in the price?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Suppose that a cell phone plan that is offered at a price of P dollars per month attracts C customers, where C(P) is a linear demand function for $100 < P < $500. Assume C(lOO) = 1,000,000 and C(500) = 100,000.
(a) Determine the demand function C ( P).
(b) What is the slope of the graph of C(P)? Describe what the slope represents.
( c) What is the decrease in the number of customers for each increase
of $100 in the price?
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