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Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

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BuyFindarrow_forward

Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919
Textbook Problem

Demand A hardware retailer wants to know the demand y for a tool as a function of price x. The monthly sales for four different prices of the tool are listed in the table.

Price, x $25 $30 $35 $40
Demand, y 82 75 67 55

(a) Use the regression capabilities of a graphing utility or a spreadsheet to find the least squares regression line for the data.

(b) Estimate the demand when the price is $32.95.

(c) What price will create a demand of 100 tools?

(a)

To determine

To calculate: The least squares regression line for the given data.

Explanation

Given Information:

Regression tabel is given gives the demand y for a tool as a function of price x

Price x $25 $30 $35 $40
Demand y 82 75 67 55

Calculation:

Consider the provided points,

($25,82)($30,75)($35,67)($40,55)

Use Ti-83 to find the equation.

Step 1: Press the ON key.

Step 2: Press the STAT key.

Step 3: Now press ENTER key.

Step 4: Now put the values of price under L1 and values of demand under L2

(b)

To determine

To calculate: The demand when price is $32.95.

(c)

To determine

To calculate: The price will be create a demand of 100 tools.

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