Marketers for a drugstore chain chose two resort areas to test market a new sunscreen lotion. After a summer of varying the selling price and recording the monthly demand, the marketers arrived at the demand table (shown to the right), where y is the number of bottles of sunscreen purchased per month (in thousands) at x dollars per bottle. 5.0 5.5 6.0 6.5 7.0 y 2.1 1.7 1.6 1.3 1.1 (A) Use the method of least squares to find a demand equation. The demand equation is y = (Type an expression using x as the variable. Round to the nearest hundredth as needed.) (B) If each bottle of sunscreen costs the drugstore chain $4.50, how should the sunscreen be priced to achieve a maximum monthly profit? The price should be $ (Round to the nearest cent as needed.)
Marketers for a drugstore chain chose two resort areas to test market a new sunscreen lotion. After a summer of varying the selling price and recording the monthly demand, the marketers arrived at the demand table (shown to the right), where y is the number of bottles of sunscreen purchased per month (in thousands) at x dollars per bottle. 5.0 5.5 6.0 6.5 7.0 y 2.1 1.7 1.6 1.3 1.1 (A) Use the method of least squares to find a demand equation. The demand equation is y = (Type an expression using x as the variable. Round to the nearest hundredth as needed.) (B) If each bottle of sunscreen costs the drugstore chain $4.50, how should the sunscreen be priced to achieve a maximum monthly profit? The price should be $ (Round to the nearest cent as needed.)
Chapter3: Polynomial Functions
Section3.5: Mathematical Modeling And Variation
Problem 1ECP: The ordered pairs below give the median sales prices y (in thousands of dollars) of new homes sold...
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Transcribed Image Text:Marketers for a drugstore chain chose two resort
areas to test market a new sunscreen lotion. After a
summer of varying the selling price and recording the
monthly demand, the marketers arrived at the
demand table (shown to the right), where y is the
number of bottles of sunscreen purchased per month
(in thousands) at x dollars per bottle.
5.0 5.5 6.0 6.5 7.0
y
2.1 1.7 1.6 1.3 1.1
(A) Use the method of least squares to find a demand equation.
The demand equation is y =
(Type an expression using x as the variable. Round to the nearest hundredth as needed.)
(B) If each bottle of sunscreen costs the drugstore chain $4.50, how should the sunscreen be priced to achieve a maximum monthly profit?
The price should be $
(Round to the nearest cent as needed.)
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