Use the points (1997, 13) and (2005, 22) to write the slope intercept form of an equation for the line of fit shown in the scatt
er plot. Round values to the nearest hundredth.
A. y=0.89x+1985.44
B. y=1.13x-2243.65
C. y=1.13x-2233.63
D. y=0.89x-1985.44
A. y=0.89x+1985.44
B. y=1.13x-2243.65
C. y=1.13x-2233.63
D. y=0.89x-1985.44
1 answer:
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Given that for each <span>$2 increase in price, the demand is less and 4 fewer cars are rented.
Let x be the number of $2 increases in price, then the revenue from renting cars is given by
.
Also, given that f</span><span>or each car that is rented, there are routine maintenance costs of $5 per day, then the total cost of renting cars is given by
Profit is given by revenue - cost.
Thus, the profit from renting cars is given by
</span><span>
For maximum profit, the differentiation of the profit function equals zero.
i.e.
</span><span>
The price of renting a car is given by 48 + 2x = 48 + 2(8) = 48 + 16 = 64.
Therefore, the </span><span>rental charge will maximize profit is $64.</span>
Let x be the number of $2 increases in price, then the revenue from renting cars is given by
Also, given that f</span><span>or each car that is rented, there are routine maintenance costs of $5 per day, then the total cost of renting cars is given by
Profit is given by revenue - cost.
Thus, the profit from renting cars is given by
</span><span>
For maximum profit, the differentiation of the profit function equals zero.
i.e.
</span><span>
The price of renting a car is given by 48 + 2x = 48 + 2(8) = 48 + 16 = 64.
Therefore, the </span><span>rental charge will maximize profit is $64.</span>