The Editor of a Major Academic Book Publisher Claims That

question 211

Short Answer

The editor of a major academic book publisher claims that a large part of the cost of books is the cost of paper. This implies that larger books will cost more money. As an experiment to analyse the claim, a university student visits the bookstore and records the number of pages and the selling price of 12 randomly selected books. These data are listed below. $$\begin{array} { | c | c | c | } \hline \text { Book } & \text { Number of pages } & \text { Selling price } ( \$ ) \\\hline 1 & 844 & 55 \\\hline 2 & 727 & 50 \\\hline 3 & 360 & 35 \\\hline 4 & 915 & 60 \\\hline 5 & 295 & 30 \\\hline 6 & 706 & 50 \\\hline 7 & 410 & 40 \\\hline 8 & 905 & 53 \\\hline 9 & 1058 & 65 \\\hline 10 & 865 & 54 \\\hline 11 & 677 & 42 \\\hline 12 & 912 & 58 \\\hline\end{array}$$ Estimate with 90% confidence the selling price of a book with 900 pages.

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Definitions:

Various Brands

A diversity of products or services offered under different trademarks by companies to cater to varying customer preferences.

Elastic Demand Curve

The elastic demand curve represents a situation where the quantity demanded for a good or service varies significantly as its price changes.

Fresh Fruit

Pertains to fruits that are in their natural state, not processed or preserved, and are consumed for their nutritional value and taste.

Gasoline

A volatile, flammable liquid derived from petroleum, primarily used as fuel in internal combustion engines.