Question
In: Statistics and Probability
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 line that best fits the price-demand data for price p in dollars as a function of the demand x widgets. Here, price is the dependent variable, and demand is the independent variable. Find the regression function for price, and write it as p ( x ) = m x + b.Find the regression function for price, and write it as p ( x ) = m x + b.
- Does it look like the regression line models the data well? Why or why not?
- Use the regression function you found to estimate p ( x ) for specific values of x. Give the real-world interpretation of the result of such computations in complete sentences. Be sure to include units.
- Find the value of x would make p ( x ) = 0. Give the real-world interpretation of the result of the computation in complete sentences. Be sure to include units.
Solutions
orchestra answered 1 year agoRelated Solutions
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...
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...
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