Suppose data is found showing the demand for a product and its price (in dollars) in different market aroas where the demand values ranged from 18 to 90. Furthermore, the goal is to use the data to construct a model that will be used to predict the price for the product in terms of its demand. Further, suppose the regression line is found to be y = 23.51535 -0.09035z The price for the product when the demand is 160 is: The average price is 23.51535 - 0.09035(160) = $9.06 anytime the demand is 160 The average price is 23.51535 -0.09035(160) = $0.06 for this specific timo that the demand is 160 The price is 23 51535-0.09035(160) $9 06 anytime the demand is 60 The price is 23.51535 - 0.09035(160) = $0.06 for this specific time that the demand is 60 The answer cannot be found due to extrapolation
Suppose data is found showing the demand for a product and its price (in dollars) in different market aroas where the demand values ranged from 18 to 90. Furthermore, the goal is to use the data to construct a model that will be used to predict the price for the product in terms of its demand. Further, suppose the regression line is found to be y = 23.51535 -0.09035z The price for the product when the demand is 160 is: The average price is 23.51535 - 0.09035(160) = $9.06 anytime the demand is 160 The average price is 23.51535 -0.09035(160) = $0.06 for this specific timo that the demand is 160 The price is 23 51535-0.09035(160) $9 06 anytime the demand is 60 The price is 23.51535 - 0.09035(160) = $0.06 for this specific time that the demand is 60 The answer cannot be found due to extrapolation
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section: Chapter Questions
Problem 10T: Olympic Pole Vault The graph in Figure 7 indicates that in recent years the winning Olympic men’s...
Related questions
Question
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage
Trigonometry (MindTap Course List)
Trigonometry
ISBN:
9781305652224
Author:
Charles P. McKeague, Mark D. Turner
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Functions and Change: A Modeling Approach to Coll…
Algebra
ISBN:
9781337111348
Author:
Bruce Crauder, Benny Evans, Alan Noell
Publisher:
Cengage Learning