a) To calculate: A model of the form N(t)=a+b \ln t for the provided data.

kuCAu

kuCAu

Answered question

2021-09-08

a) To calculate: A model of the form N(t)=a+blnt for the provided data.
b) To calculate: The sales in a 7 weeks.
c) The validity of the statement with explanation.

Answer & Explanation

svartmaleJ

svartmaleJ

Skilled2021-09-09Added 92 answers

a) Given:
The sales of a book tend to increase over the short-term as word-of-mouth makes the book "catch on." The number of bokks sold N(t) for a new novel t weeks after release at a certain book store is given in the table for the first 6 weeks.
Weeks tNumber sold N(t)120227331435538639
Calculation:
Consider the provided table:
Weeks tNumber sold N(t)120227331435538639
Use graphic utility calculator Ti-83 for modeling an equation of provided data:
STEP1: Press STAT key then press 1 in Ti-83 calculator. A table will arise. Fill above values of weeks and corresponding number of books sold in that table.
STEP2: After filling the above data in table press CALC key and then press 0 to select ExpReg to calculate the model function of the provided data.
The regression equation is, y=19.68+10.92lnt
The model for the provided data is, N(t)=19.68+10.92lnt,
b) Given:
The number of weeks is, 7.
Formula used:
N(t)=19.68+10.92lnt
Calculation:
Consider the model obtained in part (a)
N(t)=19.68+10.92lnt
Substitute the value t=7 in the equation.
N(7)=19.68+10.92ln(7)
41
The number of books sold for a week 7 would be approximately 41.
c) Given: The statement: "Is it reasonable to assume that this logarithmic trend will continue."
No, the statement is not reasonable because the above logarithmic curve is formed due to sale of book through word of mouth method of publicity which is valid for short term only.
Suppose that negative publicity of book started then the sale of book may go down may not follow logarithmic trend.
Answer: No, the provided statement is not valid.

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