   Chapter 7.7, Problem 16E ### Calculus: An Applied Approach (Min...

10th Edition
Ron Larson
ISBN: 9781305860919

#### Solutions

Chapter
Section ### 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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