A financial analyst constructs a statistical model to represent the market shares of several similar companies. She then collect
s data over the
next month to evaluate her model. At the end of the month, she finds that for one of the companies, the difference between her model and the
data is 5%.
She decides to collect data for an additional two months. If her model is valid, what could she expect from the total data collected after three
months?
ОА. .
The difference between the data and the model will get smaller.
OB.
The difference between the data and the model will stay the same.
OC.
It is impossible to predict how the difference between the data and the model will change.
OD.
The difference between the data and the model will get larger
next month to evaluate her model. At the end of the month, she finds that for one of the companies, the difference between her model and the
data is 5%.
She decides to collect data for an additional two months. If her model is valid, what could she expect from the total data collected after three
months?
ОА. .
The difference between the data and the model will get smaller.
OB.
The difference between the data and the model will stay the same.
OC.
It is impossible to predict how the difference between the data and the model will change.
OD.
The difference between the data and the model will get larger
2 answers:
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PART A
To form the equation to represent total rent, we first need to establish the changing rate and the fixed cost. Changing rate is the fee for every one day the car is rented and fixed cost is the initial cost of the car rental.
To find the changing rate we divide the cost difference between two days by the difference of days
We have
$180 = 4 days
$ 325 = 9 days
The changing rate is
The table below shows the working out of the price for each day the car is rented. We work out that day 0 cost $63 which means this is the fixed cost
Hence, the equation of total cost is
, where 
is the total cost and 
is the number of days
PART B:
Using the function notation means we will use
instead of , so the equation is
PART C:
To graph the function, we first need to set the scales on the x-axes and y-axes.
The scale on x-axes could go up in ones but must start from 0
The scale on y-axes, since it is much bigger values, we can go up in 50
We then plot on the graph for each pair of days and cost. The plots should give us a straight line graph
One example of the graph is shown below
To form the equation to represent total rent, we first need to establish the changing rate and the fixed cost. Changing rate is the fee for every one day the car is rented and fixed cost is the initial cost of the car rental.
To find the changing rate we divide the cost difference between two days by the difference of days
We have
$180 = 4 days
$ 325 = 9 days
The changing rate is
The table below shows the working out of the price for each day the car is rented. We work out that day 0 cost $63 which means this is the fixed cost
Hence, the equation of total cost is
PART B:
Using the function notation means we will use
PART C:
To graph the function, we first need to set the scales on the x-axes and y-axes.
The scale on x-axes could go up in ones but must start from 0
The scale on y-axes, since it is much bigger values, we can go up in 50
We then plot on the graph for each pair of days and cost. The plots should give us a straight line graph
One example of the graph is shown below