Given the data table below answer the questions that follow. Price per unit 5 10 15 20 25 30 weekly profit in thousands -8256 -1035 485 1400 820 -1200 a Find the best fit quadratic model for the data listed above. b. According to your model what price would cause the company to have a maximum profit? c. According to your model what is the company’s predicted maximum profit? d. The company has decided that as long as they make at least $500 thousand in profit each week they will stay in business. What range of prices will allow them to reach this goal?
Given the data table below answer the questions that follow. Price per unit 5 10 15 20 25 30 weekly profit in thousands -8256 -1035 485 1400 820 -1200 a Find the best fit quadratic model for the data listed above. b. According to your model what price would cause the company to have a maximum profit? c. According to your model what is the company’s predicted maximum profit? d. The company has decided that as long as they make at least $500 thousand in profit each week they will stay in business. What range of prices will allow them to reach this goal?
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Given the data table below answer the questions that follow.
Price per unit |
5 |
10 |
15 |
20 |
25 |
30 |
weekly profit in thousands |
-8256 |
-1035 |
485 |
1400 |
820 |
-1200 |
a Find the best fit quadratic model for the data listed above.
b. According to your model what price would cause the company to have a maximum profit?
c. According to your model what is the company’s predicted maximum profit?
d. The company has decided that as long as they make at least $500 thousand in profit each week they will stay in business. What range of prices will allow them to reach this goal?
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