Review the table forecasting a company’s profit based on the number of units sold. Number of Units Profit ($) 500 –10,000 1,200 3,000 2,500 27,000 3,200 40,000 3,600 45,000 4,300 47,000 5,000 45,000 6,750 20,000 Which statement is the best interpretation of the value 29,864 in the quadratic regression equation? The company has an initial loss of about $29,864. The company has an initial profit of about $29,864. The company needs to sell about 29,864 units to break even. The company needs to sell about 29,864 units to maximize its profit.
Review the table forecasting a company’s profit based on the number of units sold. Number of Units Profit ($) 500 –10,000 1,200 3,000 2,500 27,000 3,200 40,000 3,600 45,000 4,300 47,000 5,000 45,000 6,750 20,000 Which statement is the best interpretation of the value 29,864 in the quadratic regression equation? The company has an initial loss of about $29,864. The company has an initial profit of about $29,864. The company needs to sell about 29,864 units to break even. The company needs to sell about 29,864 units to maximize its profit.
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter4: Equations Of Linear Functions
Section4.6: Regression And Median-fit Lines
Problem 10PPS
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Question
Review the table forecasting a company’s profit based on the number of units sold.
|
Number of Units |
Profit ($) |
|
500 |
–10,000 |
|
1,200 |
3,000 |
|
2,500 |
27,000 |
|
3,200 |
40,000 |
|
3,600 |
45,000 |
|
4,300 |
47,000 |
|
5,000 |
45,000 |
|
6,750 |
20,000 |
Which statement is the best interpretation of the value 29,864 in the
The company has an initial loss of about $29,864.
The company has an initial profit of about $29,864.
The company needs to sell about 29,864 units to break even.
The company needs to sell about 29,864 units to maximize its profit.
Expert Solution
Step 1
Introduction:
The predictor variable is the number of units; let us denote it by x. The response variable is the profit ($); let us denote it by y.
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