ECO 301: Milestone One
1. Evaluate adjusted R2:
The adjusted R2 is 0.93763. This indicates that approximately 94% of the variation in the
demand for gasoline across states is explained by the independ
OPTIMIZATION
Optimization is maximizing or minimizing a given function
Maxima and minima:
The Maximum of the function is the maximum value that it reaches over a closed interval. Similarly, The
Minimu
Optimization
Extra Credit
1. Optimize the following functions by (1) finding the critical values and (2)
determining whether at the critical value(s) the function is a relative maximum or
minimum.
(1)
Elasticity Optimization
Question one
a. Inverse demand function
P= 2560-8Q
b. Total revenue
TR= P*Q= (2560-8Q) * Q
TR= 2560Q-8Q^2
c. Max Revenue = Marginal revenue = 0
2560-16Q = 0
2560 = 16Q
Q= 160
P
X
Z
C1
C2
C3
Y
11
4
2
4
MIN Z=11X+3Y
C1
4X+1Y>=12
C2
2X+2Y<=18
C3
4X-5Y<=0
x,y>=0
3
1 >=
2 <=
-5 <=
12
18
0
14
12
C1
10
A
C1
X
8
Y
3
0
0
12
6
Feasible
Region
4
C2
X
C3
Y
9
0
0
9
C3
X
B
2
0
C2
C
0
1
2
Elasticity Optimization:
Question 1: Consider the linear demand function Q = 320 - 1/8P
a. Write the inverse demand function.
Inverse demand function
P = 2560 - 8Q
b. Write the Total revenue function.
X
Z
C1
C2
C3
Y
11
4
2
4
MIN Z=11X+3Y
C1
4X+1Y>=12
C2
2X+2Y<=18
C3
4X-5Y<=0
x,y>=0
3
1 >=
2 <=
-5 <=
12
18
0
14
12
C1
10
A
C1
X
8
Y
3
0
0
12
6
Feasible
Region
4
C2
X
C3
Y
9
0
0
9
2
0
C3
X
C2
C
B
0
1
2
Linear Equations
Graphical Analysis
Be sure to label all graphs completely and clearly.
1 Graph the linear equation:
Y = -1/2X
2 Find the point of intersection for these lines by graphing them.
Add a
Linear Equations
Graphical Analysis
Be sure to label all graphs completely and clearly.
1 Graph the linear equation:
Y = -1/2X
2 Find the point of intersection for these lines by graphing them.
Add a
Question 1:
An apartment complex has a storage tank to hold its heating oil. The tank is filled on January 1, but n
more deliveries will be made until sometime in March.
Let X denote time, the number
Derivatives
Average and marginal functions
For each of the following functions find the first derivative. Evaluate the first derivative at
x=3.
1.
y=10 x 3+ 8 x2 +19
1
3x
3
2. f(x) = 3 ( 4 +5 x +6 x )
Question 1:
An apartment complex has a storage tank to hold its heating oil. The tank is filled on
January 1, but no more deliveries will be made until sometime in March.
Let X denote time, the number
SUPPLY and DEMAND CURVES
SURPLUS ans SHORTAGE
1
Price
QTY D
QTY S
$
1,000
2000
3500
$
800
2500
2500
$
600
3000
1500
A. Create a scatter plot of this data. Add a trendline and the equation of the line.
ECO
Find a recent news article that discusses a monopoly. Based on that article and other
information you can find on the industry or firm, identify the characteristics that lead to it
being labeled a
Number
of
Colleges
Quantity
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Dist. of Col.
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Ma
ECO-301: Milestone Two
1. Introduction and Statement of Problem
a. Introduction and Statement of Problem:
i. For this project I will be trying to solve the issue of supply and demand of higher
educati
ECO-301: Milestone Two Directions
The focus of this analysis involves analyzing key economic themes such as demand, production, cost, and
market structure with quantitative techniques like regression
Running head: 3-3 FINAL PROJECT MILESTONE TWO: DEMAND ANALYSIS
ECO-301 Final Project Milestone Two: Demand Analysis
The Correlation between Corruption and Economic Performance
Southern New Hampshire U
Price per
2016
Trillions of Million Billions of Estimated (US
BTUs
BTU
Dollars
Census)
Quantity
Price
GDP
Population
Alabama
SUMMARY OUTPUT
325.2
21.09
154.1
4,863,300
Alaska
34.8
27.17
45
741,894
Ari
Apple, Inc.
Mission
Apple's current mission statement as of 2017 is "Apple designs Macs, the best personal computers in the world, along
with OS X, iLife, iWork and professional software. Apple leads