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)

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)

6th Edition

ISBN:9781337111348

Author:Bruce Crauder, Benny Evans, Alan Noell

Publisher:Bruce Crauder, Benny Evans, Alan Noell

Chapter3: Straight Lines And Linear Functions

Section3.3: Modeling Data With Linear Functions

Problem 16E: High School Graduates The following table shows the number, in millions, graduating from high school...

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Question

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 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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