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mal relationship between Pric I data that have been collecte Weekly Demand,s,(1,000s) 213 209 199 191 180

mal relationship between Pric I data that have been collecte Weekly Demand,s,(1,000s) 213 209 199 191 180

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
Chapter2: Graphical And Tabular Analysis
Section2.2: Graphs
Problem 15E
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Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p,(5) Weekly Demand,s,(1,000s) 150 213 209 199 170 190 210 230 250 191 180 175 A.. Find the linear model that best fits this data using regression and enter the model below (for entry round the linear parameter value to nearest 0.01 and constant parameter to nearest 1) s = T(p) = B. The squared correlation coefficient r was Select an answer V 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $247 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 177,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer > Next Question MacBook Pro
Transcribed Image Text:Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p,(5) Weekly Demand,s,(1,000s) 150 213 209 199 170 190 210 230 250 191 180 175 A.. Find the linear model that best fits this data using regression and enter the model below (for entry round the linear parameter value to nearest 0.01 and constant parameter to nearest 1) s = T(p) = B. The squared correlation coefficient r was Select an answer V 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $247 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 177,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer > Next Question MacBook Pro
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