Equilibrium Point Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of p dollars per pan. Price-Demand: I 984 2140 2940 4200 5125 Price-Supply I 984 2140 2940 4200 5125 p = D(x) 410 220 143 55 45 p = S(x) 21 77 108 150 190 5,500 Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.
Equilibrium Point Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company established price-demand and price-supply tables for selected prices, shown in the tables below, where is the number of pans people are willing to buy and Yaster is willing to sell each month at a price of p dollars per pan. Price-Demand: I 984 2140 2940 4200 5125 Price-Supply I 984 2140 2940 4200 5125 p = D(x) 410 220 143 55 45 p = S(x) 21 77 108 150 190 5,500 Find a quadratic regression model for the price-demand data and a linear regression model for the price-supply data. Use these models to answer the following questions.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
Estimate the lowest price at which the demand is zero.
$ . ROUND TO THE NEAREST DOLLAR.
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Transcribed Image Text:Equilibrium Point
5,500
Yaster Cookware is planning to introduce a new line of cast-iron pans. A marketing company
established price-demand and price-supply tables for selected prices, shown in the tables below,
where a is the number of pans people are willing to buy and Yaster is willing to sell each month at a
price of p dollars per pan.
Price-Demand:
p = D(x)
984
410
2140
220
2940
143
4200
55
5125
45
Price-Supply
p = S(x)
984
21
2140
77
2940
108
4200
150
5125
190
Find a quadratic regression model for the price-demand data and a linear regression model for the
price-supply data. Use these models to answer the following questions.
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