The table below shows the number, in thousands, of vehicles parked in the central business district of a certain city on a typical Friday as a function of the hour of the day. Hour of the day Vehicles parked (thousands) 9 A.M. 6.2 11 A.M. 7.4 1 P.M. 7.5 3 P.M. 6.6 5 P.M. 3.9 (a) Use regression to find a quadratic model for the data. (Let V be the number of vehicles and t be the time in hours since midnight. Round the regression parameters to three decimal places.) V = (b) Express using functional notation the number of vehicles parked on a typical Friday at 4 P.M., and then estimate that value. (Round your answer to two decimal places.) V = = thousand
The table below shows the number, in thousands, of vehicles parked in the central business district of a certain city on a typical Friday as a function of the hour of the day. Hour of the day Vehicles parked (thousands) 9 A.M. 6.2 11 A.M. 7.4 1 P.M. 7.5 3 P.M. 6.6 5 P.M. 3.9 (a) Use regression to find a quadratic model for the data. (Let V be the number of vehicles and t be the time in hours since midnight. Round the regression parameters to three decimal places.) V = (b) Express using functional notation the number of vehicles parked on a typical Friday at 4 P.M., and then estimate that value. (Round your answer to two decimal places.) V = = thousand
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter4: Estimating Demand
Section: Chapter Questions
Problem 1E
Related questions
Question
The table below shows the number, in thousands, of vehicles parked in the central business district of a certain city on a typical Friday as a function of the hour of the day.
Hour of the day | Vehicles parked (thousands) |
---|---|
9 A.M. | 6.2 |
11 A.M. | 7.4 |
1 P.M. | 7.5 |
3 P.M. | 6.6 |
5 P.M. | 3.9 |
(a) Use regression to find a quadratic model for the data. (Let V be the number of vehicles and t be the time in hours since midnight. Round the regression parameters to three decimal places.)
(b) Express using functional notation the number of vehicles parked on a typical Friday at 4 P.M., and then estimate that value. (Round your answer to two decimal places.)
V =
(b) Express using functional notation the number of vehicles parked on a typical Friday at 4 P.M., and then estimate that value. (Round your answer to two decimal places.)
V
=
=
thousandExpert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 1 images
Follow-up Questions
Read through expert solutions to related follow-up questions below.
Follow-up Question
What is the regression to find a quadratic model for the data? The answer above does not mae sense.
Solution
by Bartleby Expert
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning
Managerial Economics: Applications, Strategies an…
Economics
ISBN:
9781305506381
Author:
James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:
Cengage Learning