Total marketing effort is a term used to describe the critical decision factors that affect demand: price, advertising, distribution, and product quality. Let the variable x represent total marketing effort. A typical model that is used to predict demand as a
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- Sales Barnes & Noble had annual sales of $6.8 billion in 2013 and $6.1 billion in 2015. Use the Midpoint Formula to estimate the sales in 2014. Assume that the annual sales followed a linear pattern.arrow_forwardTraffic Accidents The following table shows the cost C of traffic accidents. in cents per vehicle-mile, as a function of vehicular speed s, in miles per hour, for commercial vehicles driving at night on urban streets. Speed s 20 25 30 35 40 45 50 Cost C 1.3 0.4 0.1 0.3 0.9 2.2 5.8 The rate of vehicular involvement in traffic accidents per vehicle-mile can be modeled as a quadratic function of vehicular speed s, and the cost per vehicular involvement is roughly a linear function of s, so we expect that C the product of these two functions can be modeled as a cubic function of s. a. Use regression to find a cubic model for the data. Keep two decimal places for the regression parameters written in scientific notation. b. Calculate C(42) and explain what your answer means in practical terms. c. At what speed is the cost of traffic accidents for commercial vehicles driving at night on urban streets at a minimum? Consider speeds between 20 and 50 miles per hour.arrow_forwardWhat is extrapolation when using a linear model?arrow_forward
- Cost of Adding Employees The following table shows the cost, in millions of dollars, to Walmart of adding the given number of employees to each of its superstores.14 E = number of new employees 1 2 3 4 C = cost 89.6 179.2 268.8 358.4 a. Find a linear model for the data in the table. b. Explain in practical terms the meaning of the slope of the linear model you found in part a.arrow_forwardHOW DO YOU SEE IT? Discuss how well a linear model approximates the data shown in each scatter plot.arrow_forwardRedo Exercise 5, assuming that the house blend contains 300 grams of Colombian beans, 50 grams of Kenyan beans, and 150 grams of French roast beans and the gourmet blend contains 100 grams of Colombian beans, 350 grams of Kenyan beans, and 50 grams of French roast beans. This time the merchant has on hand 30 kilograms of Colombian beans, 15 kilograms of Kenyan beans, and 15 kilograms of French roast beans. Suppose one bag of the house blend produces a profit of $0.50, one bag of the special blend produces a profit of $1.50, and one bag of the gourmet blend produces a profit of $2.00. How many bags of each type should the merchant prepare if he wants to use up all of the beans and maximize his profit? What is the maximum profit?arrow_forward
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