The Physics Club sells E= mc? T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demane equation for the T-shirts: q= -2p? + 33p (9 sps 15). Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc? T-shirts. E = (b) Compute the elasticity demand if the price is set at $10 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc T-shirts going down v by about x % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? What will the revenue be? %24
Correlation
Correlation defines a relationship between two independent variables. It tells the degree to which variables move in relation to each other. When two sets of data are related to each other, there is a correlation between them.
Linear Correlation
A correlation is used to determine the relationships between numerical and categorical variables. In other words, it is an indicator of how things are connected to one another. The correlation analysis is the study of how variables are related.
Regression Analysis
Regression analysis is a statistical method in which it estimates the relationship between a dependent variable and one or more independent variable. In simple terms dependent variable is called as outcome variable and independent variable is called as predictors. Regression analysis is one of the methods to find the trends in data. The independent variable used in Regression analysis is named Predictor variable. It offers data of an associated dependent variable regarding a particular outcome.
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