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Below is a table of data that have been collected Price,p,($) Weekly Demand,s,(1,000s) 150 210 170 203 190 199 210 183 230 185 250 176 A.. Find the linear model that best fit this data using

Below is a table of data that have been collected Price,p,($) Weekly Demand,s,(1,000s) 150 210 170 203 190 199 210 183 230 185 250 176 A.. Find the linear model that best fit this data using

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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,($) Weekly Demand, s,(1,000s) 150 210 170 203 190 199 210 183 230 185 250 176 A.. Find the linear model that best fit 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) 8 = T (p) B. The squared correlation coefficient was Select an answer 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 $205? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 200,900 ipoc Touches? $ (nearest $1)
Transcribed Image Text:Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand, s. Below is a table of data that have been collected Price,p,($) Weekly Demand, s,(1,000s) 150 210 170 203 190 199 210 183 230 185 250 176 A.. Find the linear model that best fit 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) 8 = T (p) B. The squared correlation coefficient was Select an answer 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 $205? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 200,900 ipoc Touches? $ (nearest $1)
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