BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071
BuyFind

Precalculus: Mathematics for Calcu...

6th Edition
Stewart + 5 others
Publisher: Cengage Learning
ISBN: 9780840068071

Solutions

Chapter 1, Problem 13P

a.

To determine

Make a table of the student who says “yes” at each price level.

Expert Solution

Answer to Problem 13P

The table is,

  Precalculus: Mathematics for Calculus - 6th Edition, Chapter 1, Problem 13P , additional homework tip  1

Explanation of Solution

Given: The price table,

  PriceYes or No30¢40¢50¢60¢70¢80¢90¢$1.0$1.1$1.2

Calculation:

The function “RANDBETWEEN(1,40)” is used in the excel to make a table.

Let’s take there are 200 students in the class. During the survey 39 students say “yes” to pay 30¢ , 17 students say “yes” to pay 40¢ , 32 students say “yes” to pay 50¢ , 12 students say “yes” to pay 60¢ , 39 students say “yes” to pay 70¢ , 5 students say “yes” to pay 80¢ , 1 students say “yes” to pay 90¢ , 35 students say “yes” to pay $1.0 , 19 students say “yes” to pay $1.1 , and 1 students say “yes” to pay $1.2 for a candy bar.

b.

To determine

Sketch a scatter plot for a data which is found in part (a).

Expert Solution

Answer to Problem 13P

The graph is,

  Precalculus: Mathematics for Calculus - 6th Edition, Chapter 1, Problem 13P , additional homework tip  2

Explanation of Solution

Given: The data which is found in part (a),

  PriceYes30¢3640¢1050¢660¢1070¢1580¢1290¢38$1.03$1.124$1.27

Calculation:

Using Excel to scetch a scatter plot.

  • Write the data in the excel and plot using chart “scatter”.

c.

To determine

Draw a regression line.

Expert Solution

Answer to Problem 13P

The solution is,

  Precalculus: Mathematics for Calculus - 6th Edition, Chapter 1, Problem 13P , additional homework tip  3

Explanation of Solution

Given: The data set is,

  PriceYes30¢3640¢1050¢660¢1070¢1580¢1290¢38$1.03$1.124$1.27

Calculation:

The regression line is defined as,

  y'=a+bt     .....(1)

Find the value of a and b using relation,

  a=(y)(x2)(x)(xy)n(x2)(x)2b=n(xy)(x)(y)n(x2)(x)2

After simplifying the value of a and b, put into the equation (1) and get the solution.

Using Excel to scetch a scatter plot.

d.

To determine

Explain what is p-intercept of the demand equation.

Expert Solution

Answer to Problem 13P

The price-intercept is defined as the price at which quantity demand equals to zero.

Explanation of Solution

Given: The data set is,

  PriceYes30¢3640¢1050¢660¢1070¢1580¢1290¢38$1.03$1.124$1.27

Calculation:

The quantity demand equation is defined as,

  Qd=abP

Where, Qd is the quantity demand, a is the maximum value, b is the slope of the data set. P is the price-intercept.

Let’s take Qd=0 to calculate price-intercept then,

  0=38(12.1212)PP=38012.1212P=3.135$

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