Objective [2.6] 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 collected Price,p.($) Weekly Demand, s,(1,000s) 150 170 190 210 230 250 212 204 194 192 184 175 A.. 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) - T(p) 81 Now answer these two questions using the UNROUNDED model parameters B. What does the model predict will be the weekly demand if the price of an ipod touch is $200 ? (nearest 100) C. According to the model at what should the price be set in order to have a weekly demand of 202,000 ipod Touches? S (nearest $1)

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Objective [2.6]
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 collected
Price,p.($) Weekly Demand, s,(1,000s)
150
170
190
210
230
250
212
204
194
192
184
175
A.. 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)
= T(p)
8-
Now answer these two questions using the UNROUNDED model parameters
B. What does the model predict will be the weekly demand if the price of an ipod touch is $200?
(nearest 100)
C. According to the model at what should the price be set in order to have a weekly demand of 202,000 ipod
Touches? S
(nearest $1)
Note: in the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
Transcribed Image Text:Objective [2.6] Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand,s. Below is a table of data that have been collected Price,p.($) Weekly Demand, s,(1,000s) 150 170 190 210 230 250 212 204 194 192 184 175 A.. 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) = T(p) 8- Now answer these two questions using the UNROUNDED model parameters B. What does the model predict will be the weekly demand if the price of an ipod touch is $200? (nearest 100) C. According to the model at what should the price be set in order to have a weekly demand of 202,000 ipod Touches? S (nearest $1) Note: in the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
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