The likelihood that a child will attend a live musical performance can be modeled by q = 0.01(0.0005x? + 0.37x + 37) (15 sxs 100). Here, q is the fraction of children with annual household income x thousand dollars who will attend a live musical performance during the year. Compute the income (Round your answer to two significant digits.) E = Interpret the result. At a family income level of $ the fraction of children attending a live musical performance is increasing by % per 1% increase in h

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
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Chapter6: Exponential And Logarithmic Functions
Section6.8: Fitting Exponential Models To Data
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The likelihood that a child will attend a live musical performance can be modeled by
q = 0.01(0.0005x2 + 0.37x + 37) (15 < x< 100).
Here, g is the fraction of children with annual household income x thousand dollars who will attend a live musical performance during the year. Compute the income elasticity of demand E at an income level of $30,000.
(Round your answer to two significant digits.)
E =
Interpret the result.
At a family income level of $
the fraction of children attending a live musical performance is increasing by
% per 1% increase in household income.
Transcribed Image Text:The likelihood that a child will attend a live musical performance can be modeled by q = 0.01(0.0005x2 + 0.37x + 37) (15 < x< 100). Here, g is the fraction of children with annual household income x thousand dollars who will attend a live musical performance during the year. Compute the income elasticity of demand E at an income level of $30,000. (Round your answer to two significant digits.) E = Interpret the result. At a family income level of $ the fraction of children attending a live musical performance is increasing by % per 1% increase in household income.
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