Markup. An import car dealer sells three models of a car. The retail prices and the current dealer invoice prices (costs) for the basic models and options indicated are given in the following two matrices (where “Air" means air-conditioning):
We define the markup matrix to be
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- Companies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars(1,000s) Revenue($ millions) Company A 11.5 116 Company B 10.0 133 Company C 9.0 98 Company D 5.5 37 Company E 4.2 40 Company F 3.3 32 a.Use the least squares method to develop the estimated regression equation that can be used to predict annual revenue (in $ millions) given the number of cars in service (in 1,000s). (Round your numerical values to three decimal places.) b. For every additional car placed in service, estimate how much annual revenue will change (in dollars). (Round your answer to the nearest integer.) Annual revenue will increase by $ , for every additional car placed in…arrow_forwardCompanies in the U.S. car rental market vary greatly in terms of the size of the fleet, the number of locations, and annual revenue. In 2011, Hertz had 320,000 cars in service and annual revenue of approximately $4.2 billion. Suppose the following data show the number of cars in service (1,000s) and the annual revenue ($ millions) for six smaller car rental companies. Company Cars(1,000s) Revenue($ millions) Company A 11.5 118 Company B 10.0 133 Company C 9.0 98 Company D 5.5 37 Company E 4.2 40 Company F 3.3 30 (a) Develop a scatter diagram with the number of cars in service as the independent variable. A scatter diagram has 6 points plotted on it. The horizontal axis ranges from 0 to 14 and is labeled: Cars in Service (1,000s). The vertical axis ranges from 0 to 160 and is labeled: Annual Revenue ($ millions). The points are plotted from left to right in an upward, diagonal direction starting from the lower left corner of the diagram and are between 3 to 12 on…arrow_forwardThe average monthly residential gas bill for Black Hills Energy customers in Cheyenne, Wyoming is (Wyoming Public Service Commission website). How is the average monthly gas bill for a Cheyenne residence related to the square footage, number of rooms, and age of the residence? The following data show the average monthly gas bill for last year, square footage, number of rooms, and age for typical Cheyenne residences. Average Monthly Gas Number of Bill for Last Year Age Square Footage Rooms $70.20 16 2537 6 $81.33 2 3437 8 $45.86 27 976 6 $59.21 11 1713 7 $117.88 16 3979 11 $57.78 2 1328 7 $47.01 27 1251 6 $52.89 4 827 5 $32.90 12 645 4 $67.04 29 2849 5 $76.76 1 2392 7 $60.40 26 900 5 $44.07 14 1386 5 $26.68 20 1299 4 $62.70 17 1441 6 $45.37 13 562 4 $38.09 10 2140 4 $45.31 22 908 6 $52.45 24 1568 5 $96.11 27 1140 10…arrow_forward
- The owner of an apartment building can rent all 50 apartments if she charges $1,700 per month, but she rents one fewer apartment for each $50 increase in monthly rent. (a) Construct a table that gives the revenue generated if she charges $1,700, $1,750, and $1,800. Total Revenue No. of Apts 50 49 48 Rent $1,700 $ 85000 $1,750 $ 85750 $1,800 $ 86400 Need Help? ✓ Excellent job! (b) Does her revenue from apartment rentals increase or decrease as she increases the rent from $1,700 to $1,800? o revenue increases revenue decreases Read It ✓ Great job. ✓ Way to go! Nice work. (c) Write an equation that gives the revenue R, from apartment rentals if she makes x increases of $50 in the rent. R(x) = -50x² +800x+8500 X (d) Find the rent she should charge to maximize her revenue. $2100 ✓per montharrow_forwardA corporation that operates five suppliers of athletic apparel in a region provides merchandise for a shoe company. The shoe company recently sought information from the five plants. One variable for which data were collected was the total money (in dollars) the company spent on medical support for its employees in the first three months of the year. Data on number of employees at the plants are also shown below. Complete parts a and b. Medical Employees $7,788 121 $14,371 409 $12,776 256 $6,874 107 $3,907 O 68 a. Compute the weighted mean medical payments for these five plants using the numbers of employees as the weights. The weighted mean is $. (Round to the nearest dollar as needed.)arrow_forwardDetermine how various attributes impact the purchase of a car. There are four attributes, each with three levels. • Brand: Ford = 0, Chrysler = 1, GM =2 • MPG: 15 MPG = 0, 20 MPG = 1, 25 MPG = 2 Horsepower (HP): 100 HP = 0, 150 HP = 1, 200 HP = 2 • Price: $18,000 = 0, $21,000 = 1, $24,000 = 2 The nine product profiles ranked below were evaluated by a consumer: (note - the table should be reproduced using the dummy variables) |(F, C, GM) |(15, 20, 25) |(100,150, 200) (18000, 21000, 24000) Trial Brand MPG Power Price Rank 4 2 1 1 2 7 2 1. 3 4 1. 1. 1. 2 1 9. 7 2. 2 8 8. 2 1 5 9 1 1 Q27. For this market segment, rank the product attributes from most important to least important. Price > MPG = HP > Brand O Price > MPG > HP > Brand O MPG = Price > HP > Brand MPG > HP > Price > Brand 2. 1. 2. 56arrow_forward
- A real estate major collected information on some recent local home sales. The first 6 lines of the database appear in the accompanying table. The columns correspond to the house identification number, the community name, the zip code, the number of acres of the property, the year the house was built, the market value, and the size of the living area (in square feet). Do the data appear to have come from a designed survey or experiment? What concerns might you have about drawing conclusions from this data set? E Click the icon to view the data table. Do the data appear to have come from a designed survey or experiment? O A. It is not clear if the data were obtained from an experiment. They are certainly not from a survey. O B. It is not clear if the data were obtained from a survey. They are certainly not from an experiment. O C. It is not clear if the data were obtained from a survey or an experiment. O D. The data were certainly not obtained from survey or an experiment. What…arrow_forwardGoogle has changed its strategy with regard to how much and over which media it invests in advertising. The following table shows Google's marketing budget in millions of dollars for 2008 and 2011 (The Wall Street Journal, March 27, 2012). 2008 2011 Internet $26.0 $123.3 Newspaper, etc. $4.0 $20.7 Television $0.0 $69.3 a. Select a side-by-side bar chart with year as the variable on the horizontal axis.arrow_forward2. у%3х-3 у %3D 8х - 31arrow_forward
- The owner of an apartment building can rent all 60 apartments if she charges $1,600 per month, but she rents one fewer apartment for each $50 increase in monthly rent. (a) Construct a table that gives the revenue generated if she charges $1,600, $1,650, and $1,700. No. of Apts 60 59 58 Rent Total Revenue $1,600 $ $1,650 $ $1,700 $ (b) Does her revenue from apartment rentals increase or decrease as she increases the rent from $1,600 to $1,700? O revenue increases O revenue decreases (c) Write an equation that gives the revenue R, from apartment rentals if she makes x increases of $50 in the rent. R(x) = (d) Find the revenue if she increases rent to $3100. $ per montharrow_forwardThe table shows the 2013 per capita total expenditure on health in 35 countries with the highest gross domestic product in 2013. Health expenditure per capita is the sum of public and private health expenditure (in PPP, international $) divided by population. Health expenditures include the provision of health services, family‑planning activities, nutrition activities, and emergency aid designated for health but exclude the provision of water and sanitation. Per Capita Total Expenditure on Health (International Dollars) Country Dollars Country Dollars Country Dollars Argentina 17251725 Indonesia 293293 Saudi Arabia 16811681 Australia 41914191 Iran 14141414 South Africa 11211121 Austria 48854885 Italy 31263126 Spain 28462846 Belgium 45264526 Japan 37413741 Sweden 42444244 Brazil 14541454 Korea, South 23982398 Switzerland 61876187 Canada 47594759 Malaysia 938938 Thailand 658658 China 646646 Mexico 10611061 Turkey 10531053 Colombia 843843 Netherlands 56015601 United…arrow_forwardThe owner of an apartment building can rent all 60 apartments if she charges $1,700 per month, but she rents one fewer apartment for each $50 increase in monthly rent. (a) Construct a table that gives the revenue generated if she charges $1,700, $1,750, and $1,800. No. of Apts 60 59 58 Rent Total Revenue $1,700 $ $1,750 $ $1,800 $ (b) Does her revenue from apartment rentals increase or decrease as she increases the rent from $1,700 to $1,800? O revenue increases O revenue decreases (c) Find the rent she should charge to maximize her revenue. $ per montharrow_forward
- Holt Mcdougal Larson Pre-algebra: Student Edition...AlgebraISBN:9780547587776Author:HOLT MCDOUGALPublisher:HOLT MCDOUGAL