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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) 150 170 190 210 230 250 212 199 193 183 183 176 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) 8= T(p) B. The squared correlation coefficient was Select an answer 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 parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $192 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 197,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007.Sept 2000 about

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) 150 170 190 210 230 250 212 199 193 183 183 176 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) 8= T(p) B. The squared correlation coefficient was Select an answer 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 parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $192 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 197,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007.Sept 2000 about

MATLAB: An Introduction with Applications
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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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 150 170 190 210 230 250 212 199 193 183 183 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) s = T (p) B. The squared correlation coefficient was Select an answer 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 parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $192 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 197,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept 2008
Transcribed Image Text:Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand, s. Below is a table of data that have been collected Price,p, ($) Weekly Demand, s, (1,000s 150 170 190 210 230 250 212 199 193 183 183 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) s = T (p) B. The squared correlation coefficient was Select an answer 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 parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $192 ? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 197,800 ipod Touches? S (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept 2008
Expert Solution
Step 1

Data is given for price and weekly demand.

First We have to calculate linear model ( regression line) 

Than we have to calculate correlation coefficient

Than we have to answer for mentioned questions.

First we will find mean for both data : 

Let : 

Price(x) : 

Weekly demand (y) :

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