Suppose the likelihood that a child will attend a live theatrical performance can be modeled by q = 0.01(-0.0076x2 + 1.4x + 4.1) (15 sxs 100). Here, q is the fraction of children with annual household income x thousand dollars who will attend a live dramatic performance at a theater during the year. Compute the income elasticity of demand E at an income level of $20,000. (Round your answer to two decimal places.) HINT [See Example 2.] E = Interpret the result. At a family income level of $ , the fraction of children attending a live theatrical performance is increasing by % per 1% increase in household income.

Suppose the likelihood that a child will attend a live theatrical performance can be modeled by q = 0.01(-0.0076x2 + 1.4x + 4.1) (15 sxs 100). Here, q is the fraction of children with annual household income x thousand dollars who will attend a live dramatic performance at a theater during the year. Compute the income elasticity of demand E at an income level of $20,000. (Round your answer to two decimal places.) HINT [See Example 2.] E = Interpret the result. At a family income level of $ , the fraction of children attending a live theatrical performance is increasing by % per 1% increase in household income.

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter7: Distance And Approximation

Section7.3: Least Squares Approximation

Problem 33EQ

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