Subject: calculus 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 WeeklyDemand, s.Below is a table of data that have been collected:Price,p.($) Weekly Demand,s,(1,000s)150170190210230250213207192191177173A.. Find the linear model that best fits this data using regression and enter the model below. (for entry roundthe slope value to nearest 0.01 and constant to nearest 1)s = T (p)=B. The squared correlation coefficient was above+o 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 parametersC. What does the model predict will be the weekly demand if the price of an ipod touch is $180?(nearest 100)D. According to the model at what should the price be set in order to have a weekly demand of 271,600 ipodTouches? $(nearest $1)Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009

The regression equation is used to predict the variables based on the relationship between two…

Answered: Situation: The Ipod Touch has been out…

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter9: Quadratic Functions And Equations

Section9.8: Analyzing Functions With Successive Differences

Problem 35HP

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Describe the patterns in quantity sold and own and rival prices during this time period using basic descriptive statistics. Graphs are welcome as well. Take the logs of the variables, and estimate the demand function. Interpret the R-square. Interpret the coefficients for logP and logPsub Interpret the p-values associated with each independent variable Are consumers price sensitive? Why or why not? (be as precise as you can – you have estimates!). Does this price sensitivity make sense given the good we are examining? How sensitive are our consumers to changes in the rival good’s price? Explain in detail. Suppose we decide to charge a per ounce price of $2, while at the same time our rival charges a price of $2.15. All else equal, what would you expect sales to be? How confident are you in your forecast? Suppose we are charging a price of $2 and our current marginal cost is $1.50 Are we maximizing profits at this price? If not, should we raise or lower price? Why?
My UHart | University of Hartford The owner of Showtime Movie Theaters, Inc., would like to predict weekly gross revenue as a function of advertising expenditures. Historical data for a sample of eight weeks follow. Weekly Gross Revenue ($1,000s) Television Advertising ($1,000s) Newspaper Advertising ($1,000s) 96 5.0 1.5 90 2.0 2.0 95 4.0 1.5 92 2.5 2.5 95 3.0 3.3 94 3.5 2.3 94 2.5 4.2 94 3.0 2.5 The owner then used multiple regression analysis to predict gross revenue (y), in thousands of dollars, as a function of television advertising (x,), in thousands of dollars, and newspaper advertising (x,), in thousands of dollars. The estimated regression equation was = 83.2 + 2.29x, + 1.30x2. (a) What is the gross revenue (in dollars) expected for a week when $3,000 is spent on television advertising (x, = 3) and $3,300 is spent on newspaper advertising (x, = 3.3)? (Round your answer to the nearest dollar.) %$4 (b) Provide a 95% confidence interval (in dollars) for the mean revenue of all…

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