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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) 150 170 190 210 230 250 213 207 192 191 177 173 A.. Find the linear model that best fits this data using regression and enter the model below. (for entry round the 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 parameters C. 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 ipod Touches? $ (nearest $1)

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) 150 170 190 210 230 250 213 207 192 191 177 173 A.. Find the linear model that best fits this data using regression and enter the model below. (for entry round the 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 parameters C. 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 ipod Touches? $ (nearest $1)

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
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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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) 150 170 190 210 230 250 213 207 192 191 177 173 A.. Find the linear model that best fits this data using regression and enter the model below. (for entry round the 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 parameters C. 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 ipod Touches? $ (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
Transcribed Image Text:Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch, p and Weekly Demand, s. Below is a table of data that have been collected: Price,p.($) Weekly Demand,s,(1,000s) 150 170 190 210 230 250 213 207 192 191 177 173 A.. Find the linear model that best fits this data using regression and enter the model below. (for entry round the 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 parameters C. 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 ipod Touches? $ (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
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