Business, 08.03.2021 20:00, rosepotato789

A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situated in small towns and are open for only 8 hours a day, 5 days per week. Others are located in shopping malls and are open for longer hours. The analysts on the corporate staff would like to develop a model to show how a storeâs revenues depend on the number of hours that it is open. They have collected the following information from a sample of stores. Hours of Operation Average Revenue ($)
40 5958
44 6662
48 6004
48 6011
60 7250
70 8632
72 6964
90 11097
100 9107
168 11498

Required:
a. Use a linear function to represent the relationship between revenue and operating hours and find the values of the parameters using the LSGRG solver that provide the best fit to the given data. What revenue does your model predict for 120 hours?
b. Suggest a two-parameter nonlinear model for the same relationship and find the parameters using the LSGRG solver that provide the best fit. What revenue does your model predict for 120 hours? Which if the models in (a) and (b) do you prefer and why?

Answers: 2

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A large food chain owns a number of pharmacies that operate in a variety of settings. Some are situa...