Owners of a rental car company have determined that if they charge customers x dollars per day to rent a car, where 50 < x< 200, the number of cars n they rent per day can be modeled by the linear function n(x) = 1000 – 5x. If they charge $50 per day or less, they will rent all their cars. If they charge $200 per day or more, they will not rent any cars. Assuming the owners plan to charge customers between $50 per day and $200 per day to rent a car, how much should they charge to maximize their revenue? %3D

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Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.