Homework Help is Here – Start Your Trial Now!
Math
Advanced Math
The table gives the price, in dollars, of a round-trip ticket from Denver to Chicago on a certain airline and the corresponding monthly profit, in millions of dollars, for that airline. Profit from the Sale of Round-Trip Tickets Ticket Price Profit (dollars) (million dollars) 200 250 300 350 400 450 2.64 2.92 2.99 2.86 2.52 1.98 (a) Explain why a quadratic model is more appropriate for the data than a log or exponential model. The data indicates a minimum point and changes from decreasing to increasing at that point. Logarithmic and exponential functions do not possess minimum points, but quadratic functions do. The data indicates a maximum and changes from increasing to decreasing at the point. Logarithmic and exponential functions do not possess maximum points but quadratic functions do. The data indicates the graph is only increasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. The data indicates the graph is only decreasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. (b) Find a quadratic model for the data. (Round all numerical values to six decimal places.) P(x) = million dollars (c) Why doesn't the airline profit increase as the ticket price increases? The airline has to provide more amenities for passengers to justify the price increase. More taxes must be paid on the increased revenue. As ticket prices increase, fewer tickets will be sold at the increased price leading to a decline in profit. Crew members have their pay increased when ticket prices go up. (d) Report the ticket price (to the nearest dollar) at which the airline will begin to post a negative profit (that is, a net loss). dollars

The table gives the price, in dollars, of a round-trip ticket from Denver to Chicago on a certain airline and the corresponding monthly profit, in millions of dollars, for that airline. Profit from the Sale of Round-Trip Tickets Ticket Price Profit (dollars) (million dollars) 200 250 300 350 400 450 2.64 2.92 2.99 2.86 2.52 1.98 (a) Explain why a quadratic model is more appropriate for the data than a log or exponential model. The data indicates a minimum point and changes from decreasing to increasing at that point. Logarithmic and exponential functions do not possess minimum points, but quadratic functions do. The data indicates a maximum and changes from increasing to decreasing at the point. Logarithmic and exponential functions do not possess maximum points but quadratic functions do. The data indicates the graph is only increasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. The data indicates the graph is only decreasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. (b) Find a quadratic model for the data. (Round all numerical values to six decimal places.) P(x) = million dollars (c) Why doesn't the airline profit increase as the ticket price increases? The airline has to provide more amenities for passengers to justify the price increase. More taxes must be paid on the increased revenue. As ticket prices increase, fewer tickets will be sold at the increased price leading to a decline in profit. Crew members have their pay increased when ticket prices go up. (d) Report the ticket price (to the nearest dollar) at which the airline will begin to post a negative profit (that is, a net loss). dollars

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
See similar textbooks
icon
Related questions
Question
The table gives the price, in dollars, of a round-trip ticket from Denver to Chicago on a certain airline and the corresponding monthly profit, in millions of dollars, for that airline. Profit from the Sale of Round-Trip Tickets Profit Ticket Price (dollars) (million dollars) 200 250 300 350 400 450 2.64 2.92 2.99 2.86 2.52 1.98 (a) Explain why a quadratic model is more appropriate for the data than a log or exponential model. The data indicates a minimum point and changes from decreasing to increasing at that point. Logarithmic and exponential functions do not possess minimum points, but quadratic functions do. The data indicates a maximum and changes from increasing to decreasing at the point. Logarithmic and exponential functions do not possess maximum points but quadratic functions do. The data indicates the graph is only increasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. The data indicates the graph is only decreasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. (b) Find a quadratic model for the data. (Round all numerical values to six decimal places.) P(x)= million dollars (c) Why doesn't the airline profit increase as the ticket price increases? The airline has to provide more amenities for passengers to justify the price increase. More taxes must be paid on the increased revenue. As ticket prices increase, fewer tickets will be sold at the increased price leading to a decline in profit. Crew members have their pay increased when ticket prices go up. (d) Report the ticket price (to the nearest dollar) at which the airline will begin to post a negative profit (that is, a net loss). dollars
Transcribed Image Text:The table gives the price, in dollars, of a round-trip ticket from Denver to Chicago on a certain airline and the corresponding monthly profit, in millions of dollars, for that airline. Profit from the Sale of Round-Trip Tickets Profit Ticket Price (dollars) (million dollars) 200 250 300 350 400 450 2.64 2.92 2.99 2.86 2.52 1.98 (a) Explain why a quadratic model is more appropriate for the data than a log or exponential model. The data indicates a minimum point and changes from decreasing to increasing at that point. Logarithmic and exponential functions do not possess minimum points, but quadratic functions do. The data indicates a maximum and changes from increasing to decreasing at the point. Logarithmic and exponential functions do not possess maximum points but quadratic functions do. The data indicates the graph is only increasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. The data indicates the graph is only decreasing. Logarithmic and exponential functions both increase and decrease while quadratic functions either increase or decrease. (b) Find a quadratic model for the data. (Round all numerical values to six decimal places.) P(x)= million dollars (c) Why doesn't the airline profit increase as the ticket price increases? The airline has to provide more amenities for passengers to justify the price increase. More taxes must be paid on the increased revenue. As ticket prices increase, fewer tickets will be sold at the increased price leading to a decline in profit. Crew members have their pay increased when ticket prices go up. (d) Report the ticket price (to the nearest dollar) at which the airline will begin to post a negative profit (that is, a net loss). dollars
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 4 steps with 1 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
Basic Technical Mathematics
Basic Technical Mathematics
Advanced Math
ISBN:
9780134437705
Author:
Washington
Publisher:
PEARSON
Topology
Topology
Advanced Math
ISBN:
9780134689517
Author:
Munkres, James R.
Publisher:
Pearson,
SEE MORE TEXTBOOKS