Question Two: A gym has a membership with both a
lump sum annual fee denoted L and a per-time visit fee of f. The
total amount spent by a member during a year is
denoted Y and the number of visits per year is denoted X. The equation for total amount spent is of
the form
Y=L+f*X
I have data on total amount spent and total
number of visits for two people.
Visits
|
Dollars Spent
|
45
|
700
|
30
|
550
|
What is the value of L, the lump sum annual fee,
and the value of f, the per-visit fee?
Answer: The slope of the line is 10
(700-550)/(45-30). The line runs through
(30,550) so solving for L we get 550-10*30 or L=250.
The equation for the line is
No comments:
Post a Comment