[link] shows the population, in thousands, of harbor seals in the Wadden Sea over the years 1997 to 2012.
Year
Seal Population (Thousands)
Year
Seal Population (Thousands)
1997
3.493
2005
19.590
1998
5.282
2006
21.955
1999
6.357
2007
22.862
2000
9.201
2008
23.869
2001
11.224
2009
24.243
2002
12.964
2010
24.344
2003
16.226
2011
24.919
2004
18.137
2012
25.108
Let
represent time in years starting with
for the year 1997. Let
represent the number of seals in thousands. Use logistic regression to fit a model to these data.
Use the model to predict the seal population for the year 2020.
To the nearest whole number, what is the limiting value of this model?
The logistic regression model that fits these data is
If the population continues to grow at this rate, there will be about
seals in 2020.
To the nearest whole number, the carrying capacity is 25,657.
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Key concepts
Exponential regression is used to model situations where growth begins slowly and then accelerates rapidly without bound, or where decay begins rapidly and then slows down to get closer and closer to zero.
We use the command “ExpReg” on a graphing utility to fit function of the form
to a set of data points. See
[link] .
Logarithmic regression is used to model situations where growth or decay accelerates rapidly at first and then slows over time.
We use the command “LnReg” on a graphing utility to fit a function of the form
to a set of data points. See
[link] .
Logistic regression is used to model situations where growth accelerates rapidly at first and then steadily slows as the function approaches an upper limit.
We use the command “Logistic” on a graphing utility to fit a function of the form
to a set of data points. See
[link] .
Section exercises
Verbal
What situations are best modeled by a logistic equation? Give an example, and state a case for why the example is a good fit.
Logistic models are best used for situations that have limited values. For example, populations cannot grow indefinitely since resources such as food, water, and space are limited, so a logistic model best describes populations.
What is regression analysis? Describe the process of performing regression analysis on a graphing utility.
Regression analysis is the process of finding an equation that best fits a given set of data points. To perform a regression analysis on a graphing utility, first list the given points using the STAT then EDIT menu. Next graph the scatter plot using the STAT PLOT feature. The shape of the data points on the scatter graph can help determine which regression feature to use. Once this is determined, select the appropriate regression analysis command from the STAT then CALC menu.
In economics, a perfect market refers to a theoretical construct where all participants have perfect information, goods are homogenous, there are no barriers to entry or exit, and prices are determined solely by supply and demand. It's an idealized model used for analysis,
When MP₁ becomes negative, TP start to decline.
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of lab
Kelo
Extuples Suppose that the short-run production function of certain cut-flower firm is given by: Q=4KL-0.6K2 - 0.112 •
Where is quantity of cut flower produced, I is labour input and K is fixed capital input (K-5). Determine the average product of labour (APL) and marginal product of labour (MPL)
Quantity demanded refers to the specific amount of a good or service that consumers are willing and able to purchase at a give price and within a specific time period. Demand, on the other hand, is a broader concept that encompasses the entire relationship between price and quantity demanded
Ezea
ok
Shukri
how do you save a country economic situation when it's falling apart
Economic growth as an increase in the production and consumption of goods and services within an economy.but
Economic development as a broader concept that encompasses not only economic growth but also social & human well being.
Shukri
production function means
Jabir
What do you think is more important to focus on when considering inequality ?
sir...I just want to ask one question... Define the term contract curve? if you are free please help me to find this answer 🙏
Asui
it is a curve that we get after connecting the pareto optimal combinations of two consumers after their mutually beneficial trade offs
Awais
thank you so much 👍 sir
Asui
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities, where neither p
Cornelius
In economics, the contract curve refers to the set of points in an Edgeworth box diagram where both parties involved in a trade cannot be made better off without making one of them worse off. It represents the Pareto efficient allocations of goods between two individuals or entities,
Cornelius
Suppose a consumer consuming two commodities X and Y has
The following utility function u=X0.4 Y0.6. If the price of the X and Y are 2 and 3 respectively and income Constraint is birr 50.
A,Calculate quantities of x and y which maximize utility.
B,Calculate value of Lagrange multiplier.
C,Calculate quantities of X and Y consumed with a given price.
D,alculate optimum level of output .
the market for lemon has 10 potential consumers, each having an individual demand curve p=101-10Qi, where p is price in dollar's per cup and Qi is the number of cups demanded per week by the i th consumer.Find the market demand curve using algebra. Draw an individual demand curve and the market dema
suppose the production function is given by ( L, K)=L¼K¾.assuming capital is fixed find APL and MPL. consider the following short run production function:Q=6L²-0.4L³ a) find the value of L that maximizes output b)find the value of L that maximizes marginal product
