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ivolga24 [154]
3 years ago
11

QUESTION 2 Brewsky's is a chain of micro-breweries. Managers are interested in the costs of the stores and believe that the cost

s can be explained in large part by the number of customers patron­izing the stores. Monthly data regarding customer visits and costs for the preceding year for one of the stores have been entered into the regression analysis and the analysis is as follows: Average monthly customer-visits 1,462 Average monthly total costs $4,629 Regression Results Intercept $1,496 b coefficient $2.08 R2 0.86814In a regression equation expressed as y = a + bx, how is the letter b best described? (CMA adapted)
Mathematics
1 answer:
Sever21 [200]3 years ago
7 0

Answer:

b is the amount by which the costs of the stores (i.e. y) will increase whenever the number of customers patron­izing the stores (i.e. x) increases by one.

Step-by-step explanation:

How is the letter b best described?

b is the amount by which the costs of the stores (i.e. y) will increase whenever the number of customers patron­izing the stores (i.e. x) increases by one.

That is, b is the coefficient of letter x and it indicates that whenever there is a one unit increase in the number of customers patron­izing the stores (i.e. x), the costs of the stores (i.e. y) will increase by $2.08.

To give an example, the regression equation in the question is expressed as:

y = a + bx ............................ (1)

Where;

y = the costs of the stores = ?

a = Intercept = $1,496

b = coefficient = $2.08

x = the number of customers patron­izing the stores = ?

Assume x = 1, we can predict y by substituting the values to obtain y1 as follows:

y1 = $1,496 + ($2.08 * 1) = $1,496 + $2.08 = $1,498.08

Now, assume x increases by 1 to 2 i.e. x = 2, we can predict y by substituting the values to obtain y2 as follows:

y2 = $1,496 + ($2.08 * 2) = $1,496 + $4.16 = $1,500.16

The the change is y as a result of one unit increase in x from 1 to 2 can then be obtained as follow:

Change in y = y2 - y1 = $1,500.16 - $1,498.08 = $2.08.

This therefore cofirms that b indicates that whenever there is a one unit increase in the number of customers patron­izing the stores (i.e. x), the costs of the stores (i.e. y) will increase by $2.08.

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Complete  Question

The function f determines the cost (in dollars) of a new Honda Accord in terms of the number of years t since 2000. That is, f ( t ) represents the cost (in dollars) of a new Honda Accord t years after 2000. Use function notation to represent each of the following. The cost (in dollars) of a new Accord in 2006?

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C. In  2016 , some cars cost  $980 more than the cost of a new Accord.How much does the other cars cost (in dollars)in 2016?

Answer:

a

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b

   The magnitude at which the cost of   a new Accord in 2013 is greater          than the cost in 2010 is  

          x =  \frac{f(13)}{f(10)}

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Step-by-step explanation:

From the question we are told that

     The cost (in dollars) of a new Honda Accord is  f(t)

       Where t is  number of years after 2000

The cost of the  Honda Accord at 2013 is  

        f(2013 - 2000) =  f(13)

The cost of the  Honda Accord at 2010 is  

        f(2010 - 2000) =  f(10)

So the cost difference between 2013 and 2010 is mathematically evaluated as

         z  =  f(13) -  f(10)

Let constant at which the cost of Honda Accord in 2013 is greater than its cost at 2010 be  x

So

      f(13) =  x f(10)

=>      x =  \frac{f(13)}{f(10)}

  The cost of the Honda Accord in 2016 is mathematically evaluated as

          f(2016 - 2000) =   f(16)    

Now the cost of these other cars is  mathematically evaluated as  

         r  =  980 + f(16)

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