What is the predicted profit using exponential regression in 2010?

In summary, the conversation is about using information on the profits of a small business to answer questions regarding its future profits and how it compares to a rival business. The owner is looking for hints on how to use the formula for exponential regression to predict profits in 2010 and determine when the rival business will overtake their profits. They are unsure of what exponential regression is and are advised to look it up in their book.
  • #1
Ishtar
10
0
I just need some hints answering these questions like how to do the formulla
i can't figure out the formula

Question:

Use the following information to answer the next three questions.,

The profit of a small busmess is given below

Year Profit

2001 $28000

2002 $32000

2003 $40 000

2004 $49000

2005 $60000If the owner of the business uses an exponential regression to predict the profits in the year 2010, the expected profit (in thousands) is _____

The business will achieve a profit of $800000 in the year _____

A rival business has their pront increase modeled by the function
P(t) = 13500(1.24)^t . The profit of this business will overtake the profits of the first business, for the first time, in the year ________

thx
 
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  • #2
Hint: Reread the chapter in your book where you got this question from.
 
  • #3
In particular, exactly what is an "exponential regression"?
 
  • #4
thats wat i don't know, i no exp. function y=c(a)^t but, i don't think tats it
 
  • #5
Then look up "exponential regression" in the index of your book.
 

What is an exponential function?

An exponential function is a mathematical function in the form of f(x) = ab^x, where a and b are constants and x is the variable. It is often used to model growth or decay in various fields such as physics, economics, and biology.

How do you graph an exponential function?

To graph an exponential function, you can first plot a few points by plugging in different values of x into the function and then connecting them with a smooth curve. Another method is to use the properties of exponential functions, such as the y-intercept and the asymptote, to sketch the graph.

What is the difference between an exponential function and a power function?

While both exponential and power functions involve a variable raised to a constant power, the difference lies in the position of the variable. In an exponential function, the variable is in the exponent, while in a power function, the variable is in the base.

What are some real-life applications of exponential functions?

Exponential functions are used to model growth and decay in various scenarios, such as population growth, compound interest, and radioactive decay. They are also used in fields like physics, chemistry, and biology to describe exponential processes.

How do you solve equations involving exponential functions?

To solve equations involving exponential functions, you can use logarithms. If the equation is in the form ab^x = c, you can take the logarithm of both sides to isolate the variable. If the equation is in the form f(x) = g(x), you can use the property of logarithms to rewrite it as log(f(x)) = log(g(x)).

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