Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: ⚫ p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping bags; . C is the total cost (in dollars) of producing a sleeping bags. x(sleeping bags) P ($) C ($) 95 240 13,000 120 235 14,300 180 155 18,500 220 50 21,000 Find a model for the weekly revenue, using x as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x) = p. x. R(x)=p x = (a + bx + cx²)x = ax + bx² + cx³

Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: ⚫ p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping bags; . C is the total cost (in dollars) of producing a sleeping bags. x(sleeping bags) P ($) C ($) 95 240 13,000 120 235 14,300 180 155 18,500 220 50 21,000 Find a model for the weekly revenue, using x as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x) = p. x. R(x)=p x = (a + bx + cx²)x = ax + bx² + cx³

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter2: Functions And Graphs

Section2.3: Linear Functions And Slope

Problem 90E

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Shan Foods estimated the following demand equation for its product using data from 26 supermarkets around the country for the month of April: Q = - 10,400 - 84P + 40PX + 10.4 l + 0.40 A + 0.50 M (4.002) (34.5) (12.2) (5.04) (0.18) (0.42) R2 = 0.67 n = 47 F = 3.78 Assume the following values for the independent variables: Q = Quantity sold per month P(in cents) = Price of the product = 1000 PX (in cents) =Price of leading competitor’s product = 1200 I(in dollars) = Per capita income of residents = 11,000 A (in dollars) = Monthly advertising expenditure = 20,000 M = Number of microwave ovens sold in the SMSA in which the supermarket is located = 10,000 Using this information, answer the following questions: Compute T stats of each variable Compute elasticities for each variable. How concerned do you think this company would be about the impact of a recession on its sales? Explain. Do you think that this firm should cut its price to increase its market share? Explain.…
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