Estimate The $y$ -Value Associated With $x = 35$ As Predicted by the Natural Logarithmic Regression Equation for the Predicted

question 176

Multiple Choice

Estimate the $y$ -value associated with $x = 35$ as predicted by the natural logarithmic regression equation for the following data. Round to the nearest hundredth.
$$\begin{array} { c | c } \mathrm { x } & \mathrm { y } \\\hline 10 & 1.51 \\20 & 2.88 \\30 & 3.71 \\40 & 4.36\end{array}$$

• A) 3.75
• B) 3.55
• C) 4.25
• D) 4.05

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Definitions:

Price Elasticity

A measure of the responsiveness of quantity demanded or supplied to changes in price.

Price Elasticity

An indicator of the sensitivity of consumer demand for a product to variations in its price, demonstrating how significantly the quantity of the good demanded changes in response to price fluctuations.

Quantity Supplied

The quantity of a product or service that manufacturers are prepared to offer for sale at a certain price during a defined time frame.

Inelastic

A characteristic of a good or service whose demand does not significantly change with a change in its price.