Suppose That Environmentalists Monitor Algae Levels in a River and Determine

question 45

Essay

Suppose that environmentalists monitor algae levels in a river and determine that there is a linear association between local rainfall and algae levels. The determine that the best fitting linear model to predict algae cell counts per milliliter from rainfall in inches is:
Algae cell count = 229.32 + 79.81(Rainfall in inches)with r² = 0.604 How will a rainfall that is 3 inches above average affect the algae cell count?

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Definitions:

Total Variable Cost

The sum of expenses that vary directly with the level of production or output, such as materials and labor.

Total Fixed Cost

The sum of all costs required to produce a good or service that do not change with the level of output.

Marginal Revenue (MR)

The additional revenue that a firm receives from selling one more unit of a good or service.

Marginal Cost (MC)

The additional cost required to produce one additional unit of a product or service, a crucial factor in economic decision-making and pricing strategies.