Answered: Price-Demand: p = D(x) 984 410 2140 220…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Hello,

I am trying to find the equations on my calculator for the price-demand and price supply equations. The data is in the attached image.

I think I am doing something wrong, but not sure what.

I found the quadratic regression model for the first set of data using my calculator, but I used the p=D(x) as list one, and x, as list two. I came up with

0.028x^2-23x +5743

is this right? or do I need the reverse the order?

For the price-supply data I but the p=S(x) as list 1 and x as list 2 and I got the linear regression function:

2 5.1x+342

Can you please let me know if I am on the right track?

Price-Demand:
p = D(x)
984
410
2140
220
2940
143
4200
55
5125
45
Price-Supply
p = S(x)
984
21
2140
77
2940
|108
4200
|150
5125
190
Find a quadratic regression model for the price-demand data and a linear regression model for the
price-supply data. Use these models to answer the following questions.

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