Jack runs a small convenience store, which sells freshly baked cookies (they are displayed near the cash register, to tempt buyers as they pay for their other purchases). Jack has been uncertain about how to price the cookies he sells (he vaguely remembers a concept called "price-elasticity of demand" from his class in economics at business school). Jack has experimented by charging a different price on a randomly selected number of days. The data he has collected are shown in Exhibit 2.69, opposite. Create an appropriate graph for these data, and comment on the relationship.
Answer to relevant QuestionsLynda Parks is wondering whether the size of a customer's most recent purchase at her drugstore is related to the customer's income. Create an appropriate graph for the data from the survey, and comment. Is Exhibit 2.82 on the next page an example of a good graph? Why or why not? Doug Brackett runs Downtown Automotive in Nelson, BC. The business is always under pressure to complete repairs quickly, correctly, and at a fair price. Doug is trying to understand how many different customers visit the ...Downtown Automotive in Nelson, BC, selects a random sample of daily sales. Create an appropriate graphical display for these data, and comment. Revisit the data on quarterly profits for the oil and gas sector. Create three histograms, one with a class width of $1 billion, one with a class width of $1.5 billion, and one with a class width of $2 billion. Compare the ...
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