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algebra - (1 | 29.10245 1.35193 21.53 0.002 23.28557...

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1 Joey Tardanico Page 133, 8-10 8. 10 11 12 13 14 15 16 17 18 19 20 Price in Dollars and Cents 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 40 42 44 46 48 50 # Pictures price Fitted values Graph 3.8 Price of Photography Studio Picture Packages ------------------------------------------------------------------------------ price | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+---------------------------------------------------------------- npic | .3140312 .0283473 11.08 0.008 .1920627 .4359996 _cons | 5.550111 .8619154 6.44 0.023 1.841589 9.258634 Slope: Each picture costs $.314 on average. Y-intercept: The average starting price of a set of pictures is $5.55 (that is, the average baseline cost not including pictures), which then increases by an average of $.314 for each number of pictures purchased. ------------------------------------------------------------------------------ price | Coef. Std. Err. t P>|t| [95% Conf. Interval] -------------+----------------------------------------------------------------
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Unformatted text preview: (1) | 29.10245 1.35193 21.53 0.002 23.28557 34.91933 Average cost of a 75-print package: $29.10 (which equals the y-intercept [$5.55] + 75 pictures*.314). Suggested # prints in a $7.99 special offer: using $5.55 as the average baseline price, an average of 7.77 photos would represent the standard price per picture ($.314) and thus would represent no discount. A special offer of 10 pictures would cost $.244 per picture, which would be a discount of $.07 per picture (.314-.244). A special offer of 20 pictures would cost $.122 per picture, which would be a discount of $.192 per picture (.314-.122). Y = .314x + 5.55 7.99 = .314x + 5.55 -5.55 -5.55 2.44 = .314x 2.44/.314 = .314x/.314 7.77 = x [the # prints at the standard price per print] 2 2.44/10 = .244 per picture discount per picture = .314 - .244 = .07 2.44/20 = .122 per picture discount per picture = .314 - .122 = .192...
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