Regression, Correlation and Hypothesis Testing

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Question 177

The market value $V$ , in pounds (£), of a limited-edition bronze sculpture is modelled by the equation

V = pq^t

where $t$ is the number of years since its initial release and $p$ and $q$ are constants.

A researcher records the market value over several years. The graph of $log_{10} V$ against $t$ is a straight line that passes through the points $(0, 3.15)$ and $(12, 5.07)$ .

Determine an equation for this line in the form $log_{10} V = mt + c$ .

[2]

Calculate the value of $p$ and the value of $q$ , giving your answers to 3 significant figures.

[3]

Use the model to estimate the number of years, $t$ , until the sculpture reaches a value of £50,000.

[2]

The market value $V$ , in pounds (£), of a limited-edition bronze sculpture is modelled by the equation

V = pq^t

where $t$ is the number of years since its initial release and $p$ and $q$ are constants.

A researcher records the market value over several years. The graph of $log_{10} V$ against $t$ is a straight line that passes through the points $(0, 3.15)$ and $(12, 5.07)$ .

Regression, Correlation and Hypothesis Testing

Question 177

Regression, Correlation and Hypothesis Testing Questions

Regression, Correlation and Hypothesis Testing

Question 177

Regression, Correlation and Hypothesis Testing Questions