Question
Transcribed Text
Question 1:
9011711
Here are two random variables x and y on a probability space with cardinality 3:
s x y
1 1 5
2 2 11
3 3 15
Construct z = f(m,b) for finding the regression line.
Find (dz/db)(7,7)
•+63
•+64
•+65
•+66
Question 2:
9011801
Carpanian Tobacco market research has developed the following demand schedule for a
cigarette lighter:
Price Demand
0.82 9.01
2.11 8.13
2.93 7.20
4.13 6.08
5.17 5.16
5.97 3.85
7.19 3.13
8.09 1.96
8.81 0.87
9.87 0.01
where price and demand are expressed in suitable units.
Fit a regression line to this demand schedule.
Then find the maximum revenue that this product can draw.
•+25.20
•+25.25
•+25.30
•+25.35
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2)The example wasn’t very good at explaining, but basically the revenue function equals
x*regression, so revenue = x(slope*x+intercept). The way that I calculated the slope and
intercept was by inputting the data into Excel and using the regression option – you’re also able to utilize the point-slope formula. I have a regression line of y=-1.021400106x + 10.16689319, these values come from the coefficients column....
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