Equilibrium Point Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where a is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of p dollars per pan. Price-Demand: p= D(x) 984 410 2140 220 2940 143 4200 55 5125 45 Price-Supply p = S(x) 984 21 2140 77 2940 108 4200 150 5125 190 Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.
Equilibrium Point Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where a is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of p dollars per pan. Price-Demand: p= D(x) 984 410 2140 220 2940 143 4200 55 5125 45 Price-Supply p = S(x) 984 21 2140 77 2940 108 4200 150 5125 190 Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter2: Graphical And Tabular Analysis
Section2.3: Solving Linear Equations
Problem 25E
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Estimate the supply at the price level $180.
pans. Round to the nearest pan.
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