A store manager wants to know the demand for a product as a function of the price. The table shows daily sales y for different prices x of the product. Price, x Demand, y $1.00 42 $1.20 37 $1.50 24 (a) Find the least squares regression line y = ax + b for the data by solving the system 3.00b + 3.70a = 103.00 3.70b + 4.69a = 122.40 for a and b. (Round all numerical values to two decimal places.) y = Use a graphing utility to confirm the result. (Round all numerical values to two decimal places.) y = (b) Use the linear model from part (a) to predict the demand when the price is $1.75. (Round your answer to the nearest whole number.) units

Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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A store manager wants to know the demand for a product as a function of the price. The table shows daily sales y for different prices x of the product.
Price, x
Demand, y
$1.00
42
$1.20
37
$1.50
24
(a) Find the least squares regression line y = ax + b for the data by solving the system
3.00b + 3.70a = 103.00
3.70b + 4.69a = 122.40
for a and b. (Round all numerical values to two decimal places.)
y =
Use a graphing utility to confirm the result. (Round all numerical values to two decimal places.)
y =
(b) Use the linear model from part (a) to predict the demand when the price is $1.75. (Round your answer to the nearest whole number.)
units
Transcribed Image Text:A store manager wants to know the demand for a product as a function of the price. The table shows daily sales y for different prices x of the product. Price, x Demand, y $1.00 42 $1.20 37 $1.50 24 (a) Find the least squares regression line y = ax + b for the data by solving the system 3.00b + 3.70a = 103.00 3.70b + 4.69a = 122.40 for a and b. (Round all numerical values to two decimal places.) y = Use a graphing utility to confirm the result. (Round all numerical values to two decimal places.) y = (b) Use the linear model from part (a) to predict the demand when the price is $1.75. (Round your answer to the nearest whole number.) units
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