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Concept explainers
Business-Depreciation. A farmer buys a new tractor for
(A) Find a linear model for the depreciated value
purchased.
(B) What is the depreciated value of the tractor after 6 years?
(C) When will the depreciated value fall below
(D) Graph
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Chapter 1 Solutions
Finite Mathematics for Business, Economics, Life Sciences and Social Sciences
Additional Math Textbook Solutions
A Survey of Mathematics with Applications (10th Edition) - Standalone book
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Finite Mathematics & Its Applications (12th Edition)
Calculus Volume 2
- Sales Barnes & Noble had annual sales of $6.8 billion in 2013 and $6.1 billion in 2015. Use the Midpoint Formula to estimate the sales in 2014. Assume that the annual sales followed a linear pattern.arrow_forwardDevelop a linear regression equation to predict future demand from thefollowing data:Demand 23 24 31 28 29Year 2008 2009 2010 2011 2012a. Write the regression equation.b. Predict demand for 2015.c. Name the independent variable.d. Name the dependent variable.arrow_forwardUse Excel to develop a regression model for the Consumer Food Database (using the “Excel Databases.xls” file on Blackboard) to predict Annual Food Spending by Annual Household Income. Suppose a households annual income is $60,000. Predict how much they spend on food per year. Write your answer as a number (do not include the $ sign or comma) and round to 1 decimal place. Annual Food Spending ($) Annual Household Income ($) Non mortgage household debt ($) Region: 1 = NE 2 = MW 3 = S 4 = W Location: 1 = Metro 2 = Outside Metro 8909 56697 23180 1 1 5684 35945 7052 1 1 10706 52687 16149 1 1 14112 74041 21839 1 1 13855 63182 18866 1 1 15619 79064 21899 1 1 2694 25981 8774 1 1 9127 57424 15766 1 1 13514 72045 27685 1 1 6314 38046 8545 1 1 7622 52408 28057 1 1 4322 41405 6998 1 1 3805 29684 4806 1 1 6674 49246 13592 1 1 7347 41491 4088 1 1 2911 26703 15876 1 1 8026 48753 16714 1 1 8567 55555 16783 1 1 10345 71483…arrow_forward
- Nominal income refers to an income value that is not adjusted for inflation. Real income adjusts the nominal value for the rate of inflation. Real income per capita is considered a good measure of the buying power of an individual in a particular area because it adjusts for both the number of people in the area and the relative inflation of the area. According to Forbes magazine, the state with the highest annual real income per capita in 2020 is Connecticut with a real per capita income of $68,533. Suppose that the annual real income of individuals in Connecticut follows a normal distribution with a mean of $68,533 and standard deviation of $23,480. (a) What is the probability that an individual in Connecticut has an annual real income of $54,000 or more? (Round your answer to four decimal places.) (b) What is the probability that an individual in Connecticut has an annual real income of $29,000 or less? (Round your answer to four decimal places.) (c) What is the probability…arrow_forward10. Household Income The following table shows the median income, in thousands of dollars, of Ameri- can families for 2003 through 2008. Year Income (thousands of dollars) 2003 52.68 2004 54.06 2005 56.19 2006 58.41 2007 61.36 2008 61.52arrow_forward(Type an expression using x as the variable. Use integers or decimals for any numbers in the expression. Round the coefficients to seven decimal places as needed. Round the constant term to three decimal places as needed.) (A) Find a quadratic regression equation for the price-demand data, using x as the independent variable. (B) Find a linear regression equation for the cost data, using x as the independent variable. Use this equation to estimate the fixed costs and variable costs per projector. (C) Find the break-even points. (D) Find the price range for which the company will make a profit.arrow_forward
- Audrey buys a performance snow mobile for $71,000 and assumes it will have a trade in value of $51,830 after 9 years. Find a linear model for the depreciated value V of the snow mobile t years after it was purchased, and give the depreciated of the snow mobile after 21 years.arrow_forwardA. Using the multiplicative seasonal method, calculate the monthly seasonal indices. (Enter your responses rounded to three decimal places.) B. Develop a simple linear regression equation to forecast annual sales. For this regression, the dependent variable, Y, is the demand in each year and the independent variable, X, is the index for the year. C. Forecast the annual sales for year 6 by using the regression model you developed in part b. D. Prepare the seasonal forecast for each month by using the monthly seasonal indices calculated in part a.arrow_forwardThe present worth of an increasing geometric gradient is $23,632. The interest rate is 6% per year and the rate of change series is 4% per year. If the geometric series life is 9 years, what is the cash flow in year 1?arrow_forward
- The university wants to know if Annual Income and Lifetime Savings are linearly related. Investigate and state your answer with evidence. Does your answer seem logical or not? Write your thoughts on this.arrow_forward(d) Interpret the meaning of the slope of the regression line.arrow_forwardGive the assumptions in linear regression and explain each assumption.arrow_forward
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