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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)

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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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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