Situation: The Ipod Touch has been out for two years now and a lot of data has been collected.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 collectedPrice,p,(5)Weekly Demand,s,(1,000s)150213209199170190210230250191180175A.. Find the linear model that best fits 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)s = T(p) =B. The squared correlation coefficient r was Select an answer V 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 parametersC. What does the model predict will be the weekly demand if the price of an ipod touch is $247 ?(nearest 100)D. According to the model at what should the price be set in order to have a weekly demand of 177,800ipod Touches? S(nearest $1)Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer> Next QuestionMacBook Pro

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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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Price elasticity of demand (supply) or simply elasticity of demand (supply) measures the relative or percentage variation experienced by the quantity demanded (supplied) as a consequence of a change in the price of one percent (1%); In other words, it measures the intensity with which buyers (sellers) respond to a change in the priceprice. Elasticity is often used with respect to the price-demand relationship or the price-supply relationship, but the applicability of this concept is not restricted to that single case, but is broader, since the elasticity is calculated in percentages, since it is the only way to obtain a common unit of measure. When calculating the elasticity in arelationship, the units of measurement are maintained, therefore, they do not measure a proportional change, but a propensity, such as the well-known propensit to Keynesian consumption. The rate at which the selling price changes and from a product, with respect to its supply "x", is given by the following…
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mal relationship between Pric I data that have been collecte Weekly Demand,s,(1,000s) 213 209 199 191 180