Question

In: Math

1. The table below contains price-demand and total cost data for the production of projectors, where...

1. The table below contains price-demand and total cost data for the production of projectors, where p is the wholesale price (in dollars) of a projector for an annual demand of x projectors and C is the total cost (in dollars) of producing x projectors.

x1	p	c
1943	1035	900
3190	581	1130
4570	405	1241
6490	124	1800
7330	85	1620

Price-Demand:

a. Make a scatter plot for p vs x (price-demand plot).

b. Get a regression line that best fits the data in Question a. You need to type the equation of this line in desmos and graph it with your scatter plot. Please use p(?1) = equation when typing in desmos.

c. Does it look like the regression line models the data well? (Yes or No) Why?

d. Use the equation typed in desmos to find p(0), p(3000), p(6000) 5. What value of x would make p(x) = 0?

Expert Solution

Solution:

(a) The scatter plot is plotted by use of demos,

(b)

Therefore, the regression line is P(x1) = -0.16725(x1)+1232.85.

(c) Yes, the below graph looks like the regression line model well to the data, since most of the observation lies around the line.

(d) The required values are given as below,

milcah answered 1 week ago

The table below contains the demand and price and total cost data for the production of...

The table below contains the demand and price and total cost data for the production of x widgets. Here p is the price (in dollars) of a widget for an annual demand of x widgets, and C is the annual total cost (in dollars) of producing x widgets per year. Annual demand Price 10 147 20 132 30 125 40 128 50 113 60 97 70 85 80 82 90 79 100 53 Use the given data to find a...

Regression Project: Data The table below contains the price, demand, and total cost data for the...

Regression Project: Data The table below contains the price, demand, and total cost data for the production of x widgets. Here p is the price (in dollars) of a widget for an annual demand of x widgets, and C is the annual total cost (in dollars) of producing x widgets per year. Demand x (widgets) Price p ($/widget) Total Cost C ($) 10 141 609 20 133 1103 30 126 1618 40 128 2109 50 113 2603 60 97 3111...

The table below contains the Production Possibilities Frontier (PPF) data for Country ABC. It contains the...

The table below contains the Production Possibilities Frontier (PPF) data for Country ABC. It contains the maximum possible combinations of guns and butter that can be produced in a given period of time: Units of Guns (thousands) Units of Butter (kilos) 14 5 11 6 9 8 8 11 A. What is the opportunity cost of moving from producing 9 thousand units of guns to 14 thousand units of guns stated in terms of 1 unit of guns? B. Explain...

Revenue, cost, and profit. The price–demand equation and the cost function for the production of table...

Revenue, cost, and profit. The price–demand equation and the cost function for the production of table saws are given, respectively, by x=6,000−30pandC(x)=72,000+60xx=6,000−30pandC(x)=72,000+60x where x is the number of saws that can be sold at a price of $p per saw and C(x) is the total cost (in dollars) of producing x saws. (F) Graph the cost function and the revenue function on the same coordinate system for 0≤x≤6,000. Find the break-even points, and indicate regions of loss and profit. (G)...

The table below contains information about the production, costs and profits of a firm. The price...

The table below contains information about the production, costs and profits of a firm. The price faced by the firm is $40 per unit. There are 50 empty cells in the table. (a) Fill in all the empty cells. Output Total Fixed Costs Total Variable Costs Marginal Costs Average Variable Costs Average Fixed Costs Average Total Costs Price per unit Profits 0 12 1 12 50 50.0 50.0 -22.0 2 12 75 25.0 37.5 43.5 3 10.0 28.3 4 20.0...

Given the data shown in the table for a monopolist: Output Price Total Cost MC Total...

Given the data shown in the table for a monopolist: Output Price Total Cost MC Total Revenue Marginal Revenue 1 10 10 2 9 11 3 8 13 4 7 16 5 6 20 6 5 25 1. Complete the table -- calculate MC, Total Revenue and MR for all output levels. 2. When the output level is 6 units: a. Should the monopolist increase, decrease or leave output unchanged? b. Is MR greater than, less than, or...

Using the data in the table below, estimate the demand function for cod. Price, dollars...

Using the data in the table below, estimate the demand function for cod. Price, dollars per pound Quantity, thousand pounds per day 1.90 1.5 1.35 2.2 1.25 4.4 1.20 5.9 0.95 6.5 0.85 7.0 0.73 8.8 Using the Excel trendline option to estimate a linear demand function, the linear demand function is Qequals=12.53 minus 6.25 p12.53−6.25p. Suppose the quantity in the first row of the table were 22 instead of 1.5. The linear demand function would now be Qequals=nothingminus−nothingp....

Production quantity and the total cost of production are given in the form of a table....

Production quantity and the total cost of production are given in the form of a table. Production quantity (100 tons) 42 16 48 50 30 12 18 28 Total cost (1000 of Rs.) 22 10 14 20 14 8 12 16 Determine the total cost production for (i) 2500 tons (ii) 4500 tons If the total production cost is Rs. 50,000, then how many quantities were produced?

The table below depicts the cost and demand structure a natural monopoly faces. Quantity Price ($...

The table below depicts the cost and demand structure a natural monopoly faces. Quantity Price ($ per unit) Long-Run Total Cost ( $ ) Total Revenue ($) Total Profit ($) Long-run Average Cost ($ per unit) Marginal Cost ($ per unit) Marginal Revenue ($ per unit) 0 50.00 0.00 - - - 1 47.50 40.00 40 47.50 2 45.00 81.00 40.5 90 3 42.50 118.50 39.50 127.5 4 40.00 160.00 40 160 5 37.50 197.50 39.50 187.70 6 35.00 245.40...

Below is a table that represents price, output, cost, revenue and profit data for a monopoly....

Below is a table that represents price, output, cost, revenue and profit data for a monopoly. Price Q TR MR MC TC Profit $290 0 --- --- -$1,000 $280 1 $100 $270 2 $1,180 $260 3 $60 $250 4 $240 5 $60 $230 6 $1,420 $220 7 $1,540 $210 8 $200 9 $1,980 (a) Fill in the missing numbers for Firm B. Note: there are no numbers for MR and MC when Q=0. When output level is 4, the Average...