Nora's Gift Shop sells Hokie Bird figurines. The following table gives the gift shop's weekly revenue (in dollars) from selling these figurines if the price of a figurine is p dollars. Price (p) $5 $8 $10 $12 $13 $14 Weekly Revenue $281.20 $337.30 $363.70 $381.30 $386.80 $390.10 Assume that the demand equation for the Hokie Bird figurines is linear. Open an Excel window and make a scatterplot of the data. Use the appearance of the scatterplot together with your knowledge of the problem to fit an appropriate trendline to the data. Use your model to estimate the weekly revenue from selling Hokie Bird figurines in Nora's Gift Shop if the price of each figurine is $11.50. NOTE: Numbers are rounded.
Nora's Gift Shop sells Hokie Bird figurines. The following table gives the gift shop's weekly revenue (in dollars) from selling these figurines if the price of a figurine is p dollars. Price (p) $5 $8 $10 $12 $13 $14 Weekly Revenue $281.20 $337.30 $363.70 $381.30 $386.80 $390.10 Assume that the demand equation for the Hokie Bird figurines is linear. Open an Excel window and make a scatterplot of the data. Use the appearance of the scatterplot together with your knowledge of the problem to fit an appropriate trendline to the data. Use your model to estimate the weekly revenue from selling Hokie Bird figurines in Nora's Gift Shop if the price of each figurine is $11.50. NOTE: Numbers are rounded.
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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Transcribed Image Text:Nora's Gift Shop sells Hokie Bird figurines. The following
table gives the gift shop's weekly revenue (in dollars) from
selling these figurines if the price of a figurine is p dollars.
Price (p) $5 $8 $10 $12 $13 $14
Weekly
Revenue
$281.20 $337.30 $363.70 $381.30 $386.80 $390.10
Assume that the demand equation for the Hokie Bird
figurines is linear. Open an Excel window and make a
scatterplot of the data. Use the appearance of the scatterplot
together with your knowledge of the problem fit an
appropriate trendline to the data. Use your model to estimate
the weekly revenue from selling Hokie Bird figurines in
Nora's Gift Shop if the price of each figurine is $11.50.
NOTE: Numbers are rounded.
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