Answer:
A. There is a moderately good fit between the regression line and the individual data points on the scatterplot.
Explanation:
A -.5 correlation coefficient indicates a moderate negative correlation, which means that as the x variable increases in value, the y value decreases in value, but only in around half of the situations.
In a scatter plot, this will look like a small cloud of data points that fit more or less well around the regression line. The regression line slopes downward because the variables are inversely proportional (hence the negative coefficient).
From the given information, The demand function is (P) = -x/8 + 600. The demand function illustrates the causal connection between the quantity of a commodity that is demanded and its numerous determinants.
The demand function is given by P - P1 = m(x-x1)
Since, m = -10/80 (i.e. additional 80 tablets every $10)
P1 = $250, x1 = 2800
So, P - 250 = -1/8 (x - 2800)
P = -1/8 + 350 +350
P = -x/8 + 600
Hence, the demand function (P) = -x/8 + 600
- One variable's connection with its determinants is described by the demand function. It explains how much of a certain amount of products is bought at various prices for that good and its related goods, various income levels, and various values for other demand-affecting variables.
There are two categories of demand function:
- The linear demand function
- Nonlinear Demand Function
Without needing to create a demand function graph, an algebraic formula for constructing demand curves is known as a linear demand function.
Demand function with nonlinearity. The slope of the demand curve (P/Q), in a nonlinear or curved demand function, varies along the demand curve.
Learn more about Demand function, here
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Answer:
the total salon services and products sold
Explanation:
Productivity can be regarded as ratio of output volume to that of the volume of inputs. It give the measurements of
production inputs efficiency, these input could be labour, capital. Productivity helps to know how these inputs are been used in production of given level of output in economy.
Answer:
a. Which country has the absolute advantage in producing dates?
Mali
b. Which country has the absolute advantage in producing grain?
None
c. Which country has the competitive advantage in producing dates?
Mali
d. Which country has the comparative advantage in producing grain?
Ireland
Explanation:
Opportunity cost of producing dates:
Ireland = 10 / 5 = 2 tons of grains
Mali = 10 / 25 = 0.4 tons of grains
Opportunity cost of producing grains:
Ireland = 5 / 10 = 0.5 tons of dates
Mali = 25 / 10 = 2.5 tons of dates
