A company produces a special new type of TV. The company has fixed costs of $472,000 and it costs $1200 to produce each TV. The company projects that if it charges a price of $2600 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2300. Assume a linear demand. What price should the company charge to earn a profit of $958,000?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A company produces a special new type of TV. The company has fixed costs of $472,000 and it costs $1200 to produce each TV.
The company projects that if it charges a price of $2600 for the TV, it will be able to sell 750 TVs. If the company wants to sell 800 TVs, however, it must lower the price to $2300. Assume a linear demand. What price should the company charge to earn a profit of $958,000?
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