City 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Q 32.92 28.51 33.94 33.45 35.68 29.01 30.68 43.14 20.84 31.27 35.45 32.14 43.02 34.73 43.14 33.17 41.59 32.1 45.74 35.92 P 1.89 1.94 1.99 2.04 2.09 1.89 1.94 1.99 2.04 2.09 1.89 1.94 1.99 2.04 2.09 1.89 1.94 1.99 2.04 2.09 I 32.4 29.9 29.1 28.6 30.2 31.4 30.3 30.4 28.6 26.3 26.5 29.5 29.1 31.2 23.8 28.8 29.3 27.4 27.8 30.2 A 4.38 4.12 5.06 5.36 5.38 3.47 4.06 5.29 3.39 5.12 4.44 4.18 5.57 3.57 6.43 3.95 4.04 4.36 5.81 4.63 Psub 2.08 2.06 2.15 2.18 2.18 1.99 2.05 2.17 1.98 2.16 2.09 2.06 2.2 2 2.39 2.04 2.05 2.08 2.23 2.11 Pop 98.7 104.5 105.1 106.9 108.9 115.2 117.8 120.2 120.8 122.7 122.9 124.6 125.8 131.9 133.1 135.6 136.5 141.8 144.8 150.1 Log Q Log P Log I Log A Log Psub Log Pop 3.49408 0.636577 3.478158 1.477049 0.732368 4.592085 3.350255 0.662688 3.397858 1.415853 0.722706 4.649187 3.524594 0.688135 3.370738 1.621366 0.765468 4.654912 3.510052 0.71295 3.353407 1.678964 0.779325 4.671894 3.57459 0.737164 3.407842 1.682688 0.779325 4.69043 3.367641 0.636577 3.446808 1.244155 0.688135 4.74667 3.423611 0.662688 3.411148 1.401183 0.71784 4.768988 3.764451 0.688135 3.414443 1.665818 0.774727 4.789157 3.036874 0.71295 3.353407 1.22083 0.683097 4.794136 3.442659 0.737164 3.269569 1.633154 0.770108 4.809742 3.568123 0.636577 3.277145 1.490654 0.737164 4.811371 3.470101 0.662688 3.38439 1.430311 0.722706 4.825109 3.761665 0.688135 3.370738 1.717395 0.788457 4.834693 3.547604 0.71295 3.440418 1.272566 0.693147 4.882044 3.764451 0.737164 3.169686 1.860975 0.871293 4.891101 3.501646 0.636577 3.360375 1.373716 0.71295 4.909709 3.72786 0.662688 3.377588 1.396245 0.71784 4.916325 3.468856 0.688135 3.310543 1.472472 0.732368 4.954418 3.822973 0.71295 3.325036 1.759581 0.802002 4.975353 3.581294 0.737164 3.407842 1.532557 0.746688 5.011302

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.CR: Chapter Review

Problem 37E: Find the positive geometric mean between 4 and 64.

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Related questions

Question

100%

Describe the patterns in quantity sold and own and rival prices during this time period using basic descriptive statistics. Graphs are welcome as well.
Take the logs of the variables, and estimate the demand function.
1. Interpret the R-square.
2. Interpret the coefficients for logP and logPsub
3. Interpret the p-values associated with each independent variable
Are consumers price sensitive? Why or why not? (be as precise as you can – you have estimates!). Does this price sensitivity make sense given the good we are examining?
How sensitive are our consumers to changes in the rival good’s price? Explain in detail.
Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast?
Suppose we are charging a price of $2 and our current marginal cost is $1.50 Are we maximizing profits at this price? If not, should we raise or lower price? Why?

City
Q
1
2
WN
3
4
5
6
7
8
600
9
10
11
12
13
14
15
16
17
18
19
20
32.92
28.51
33.94
33.45
35.68
29.01
30.68
43.14
20.84
31.27
35.45
32.14
43.02
34.73
43.14
33.17
41.59
32.1
45.74
35.92
P
1.89
1.94
1.99
2.04
2.09
1.89
1.94
1.99
2.04
2.09
1.89
1.94
1.99
2.04
2.09
1.89
1.94
1.99
2.04
2.09
I
32.4
29.9
29.1
28.6
30.2
31.4
30.3
30.4
28.6
26.3
26.5
29.5
29.1
31.2
23.8
28.8
29.3
27.4
27.8
30.2
A
4.38
4.12
5.06
5.36
5.38
3.47
4.06
5.29
3.39
5.12
4.44
4.18
5.57
3.57
6.43
3.95
4.04
4.36
5.81
4.63
Psub
2.08
2.06
2.15
2.18
2.18
1.99
2.05
2.17
1.98
2.16
2.09
2.06
2.2
2
2.39
2.04
2.05
2.08
2.23
2.11
Pop
98.7
104.5
105.1
106.9
108.9
115.2
117.8
120.2
120.8
122.7
122.9
124.6
125.8
131.9
133.1
135.6
136.5
141.8
144.8
150.1
Log A Log Psub Log Pop
Log Q Log P Log I
3.49408 0.636577 3.478158 1.477049 0.732368 4.592085
3.350255 0.662688 3.397858 1.415853 0.722706 4.649187
3.524594 0.688135 3.370738 1.621366 0.765468 4.654912
3.510052 0.71295 3.353407 1.678964 0.779325 4.671894
3.57459 0.737164 3.407842 1.682688 0.779325 4.69043
3.367641 0.636577 3.446808 1.244155 0.688135 4.74667
3.423611 0.662688 3.411148 1.401183 0.71784 4.768988
3.764451 0.688135 3.414443 1.665818 0.774727 4.789157
3.036874 0.71295 3.353407 1.22083 0.683097 4.794136
3.442659 0.737164 3.269569 1.633154 0.770108 4.809742
3.568123 0.636577 3.277145 1.490654 0.737164 4.811371
3.470101 0.662688 3.38439 1.430311 0.722706 4.825109
3.761665 0.688135 3.370738 1.717395 0.788457 4.834693
3.547604 0.71295 3.440418 1.272566 0.693147 4.882044
3.764451 0.737164 3.169686 1.860975 0.871293 4.891101
3.501646 0.636577 3.360375 1.373716 0.71295 4.909709
3.72786 0.662688 3.377588 1.396245 0.71784 4.916325
3.468856 0.688135 3.310543 1.472472 0.732368 4.954418
3.822973 0.71295 3.325036 1.759581 0.802002 4.975353
3.581294 0.737164 3.407842 1.532557 0.746688 5.011302

SUMMARY OUTPUT
Multiple R
R Square
Adjusted R Square
Standard Error
Observations
ANOVA
Regression
Residual
Total
Intercept
Log P
Log I
Log A
Log Psub
Log Pop
Regression Statistics
0.916961085
0.840817631
0.783966784
0.084303906
20
df
5
SS
0.525569644
0.09950008
14
19 0.625069724
Coefficients Standard Error
-6.758041891 2.45616574
-2.116499024 0.650831752
1.330583067 0.41300687
0.439773437 0.508676891
2.990465426 2.209057688
0.908362834 0.187188002
MS
F
Significance F
3.68271E-05
0.105113929 14.78988768
0.007107149
t Stat
P-value
Lower 95% Upper 95% Lower 95.0% Upper 95.0%
-2.751460042 0.015600195 -12.02599347 -1.4900903 -12.025993 -1.4900903
-3.251991034 0.005789724 -3.512394302 -0.7206037 -3.5123943 -0.7206037
3.22169718 0.006149359 0.444771431 2.2163947 0.44477143 2.2163947
0.864543769 0.401860112 -0.651229988 1.53077686 -0.65123 1.53077686
1.353728987 0.197274888 -1.747492096 7.72842295 -1.7474921 7.72842295
4.852676575 0.000255975 0.506884498 1.30984117 0.5068845 1.30984117

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Could you answer these three as well? My apologies for not clarifiying these are the ones I really need help with. I do provide positive feedback and votes for who answers. Thank you!

How sensitive are our consumers to changes in the rival good’s price? Explain in detail.
Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast?
Suppose we are charging a price of $2 and our current marginal cost is $1.50 Are we maximizing profits at this price? If not, should we raise or lower price? Why?

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