Question

Product research leads a company to believe that the revenue ($R$) made by selling its goods at a price ($p$) can be modelled by the equation. $R(p) = cp^d$, $c, d in mathbb{R}$ There are two competing models, A and B with different values for the parameters $c$ and $d$. Model A has $c = 3$, $d = -0.5$ and model B has $c = 2.5$, $d = -0.6$. The company experiments by selling the goods at three different prices in three similar areas and the results are shown in the following table. egin{tabular}{|c|c|c|} hline Area & Price ($p$) & Revenue ($R$) \ hline 1 & 1 & 1.5 \ 2 & 2 & 1.8 \ 3 & 3 & 1.5 \ hline end{tabular} The company will choose the model with the smallest value for the sum of square residuals. Determine which model the company chose.

          Product research leads a company to believe that the revenue ($R$) made by selling its goods at a price ($p$) can be modelled by the equation.
$R(p) = cp^d$, $c, d in mathbb{R}$
There are two competing models, A and B with different values for the parameters $c$ and $d$.
Model A has $c = 3$, $d = -0.5$ and model B has $c = 2.5$, $d = -0.6$.
The company experiments by selling the goods at three different prices in three similar areas and the results are shown in the following table.
egin{tabular}{|c|c|c|}
hline
Area & Price ($p$) & Revenue ($R$) \
hline
1 & 1 & 1.5 \
2 & 2 & 1.8 \
3 & 3 & 1.5 \
hline
end{tabular}
The company will choose the model with the smallest value for the sum of square residuals.
Determine which model the company chose.

Product research leads a company to believe that the revenue (R) made by selling its goods at a price (p) can be modelled by the equation.
R(p) = cp^d, c, d in mathbbR
There are two competing models, A and B with different values for the parameters c and d.
Model A has c = 3, d = -0.5 and model B has c = 2.5, d = -0.6.
The company experiments by selling the goods at three different prices in three similar areas and the results are shown in the following table.
egintabular|c|c|c|
hline
Area Price (p) Revenue (R) hline
1 1 1.5 2 2 1.8 3 3 1.5 hline
endtabular
The company will choose the model with the smallest value for the sum of square residuals.
Determine which model the company chose.

Added by Jeanette T.

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