Supply and demand. A cordless screwdriver is sold through a national chain of discount stores. A marketing company established price-demand and price-supply tables (Tables 2 and 3 ), where x is the number of screwdrivers people are willing to buy and the store is willing to sell each month at a price of p dollars per screwdriver. (A) Find a logarithmic regression model y = a + b ln x for the data in Table 2 . Estimate the demand (to the nearest unit) at a price level of $ 50 . (B) Find a logarithmic regression model y = a + b ln x for the data in Table 3 . Estimate the supply (to the nearest unit) at a price level of $50 . (C) Does a price level of $50 represent a stable condition, or is the price likely to increase or decrease? Explain.
Supply and demand. A cordless screwdriver is sold through a national chain of discount stores. A marketing company established price-demand and price-supply tables (Tables 2 and 3 ), where x is the number of screwdrivers people are willing to buy and the store is willing to sell each month at a price of p dollars per screwdriver. (A) Find a logarithmic regression model y = a + b ln x for the data in Table 2 . Estimate the demand (to the nearest unit) at a price level of $ 50 . (B) Find a logarithmic regression model y = a + b ln x for the data in Table 3 . Estimate the supply (to the nearest unit) at a price level of $50 . (C) Does a price level of $50 represent a stable condition, or is the price likely to increase or decrease? Explain.
Supply and demand. A cordless screwdriver is sold through a national chain of discount stores. A marketing company established price-demand and price-supply tables (Tables
2
and
3
), where
x
is the number of screwdrivers people are willing to buy and the store is willing to sell each month at a price of
p
dollars per screwdriver.
(A) Find a logarithmic regression model
y
=
a
+
b
ln
x
for the data in Table
2
. Estimate the demand (to the nearest unit) at a price level of
$
50
.
(B) Find a logarithmic regression model
y
=
a
+
b
ln
x
for the data in Table
3
. Estimate the supply (to the nearest unit) at a price level of
$50
.
(C) Does a price level of
$50
represent a stable condition, or is the price likely to increase or decrease? Explain.
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Throughout, A, B, (An, n≥ 1), and (Bn, n≥ 1) are subsets of 2.
1. Show that
AAB (ANB) U (BA) = (AUB) (AB),
Α' Δ Β = Α Δ Β,
{A₁ U A2} A {B₁ U B2) C (A1 A B₁}U{A2 A B2).
Chapter 2 Solutions
Finite Mathematics for Business, Economics, Life Sciences, and Social Sciences (14th Edition)
College Algebra with Modeling & Visualization (5th Edition)
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