The table below contains price-demand and total cost data for the production of treadmills, where p is the wholesale price (in dollars) of a treadmill for an annual demand of a treadmills, and C is the total cost (in dollars) of producing a treadmills. x P ($) 2,910 1,450 3,415 1,275 4,645 1,123 918 C ($) 3,634,000 3,782,000 4,185,000 4,290,000 5,330 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p = ax + b, where a is rounded to 1 decimal place and b is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using a as the independent variable: C(x) = cx+d, where c is rounded to the nearest integer and d is rounded to the nearest 10,000.
The table below contains price-demand and total cost data for the production of treadmills, where p is the wholesale price (in dollars) of a treadmill for an annual demand of a treadmills, and C is the total cost (in dollars) of producing a treadmills. x P ($) 2,910 1,450 3,415 1,275 4,645 1,123 918 C ($) 3,634,000 3,782,000 4,185,000 4,290,000 5,330 Use this data to find a linear regression equation for price-demand data, using x as the independent variable: p = ax + b, where a is rounded to 1 decimal place and b is rounded to the nearest integer. Use this data to find a linear regression model for the cost data, using a as the independent variable: C(x) = cx+d, where c is rounded to the nearest integer and d is rounded to the nearest 10,000.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Use the linear regression models above to answer this question.
Estimate the fixed costs. Round to the nearest $10,000.
$
HA
Transcribed Image Text:The table below contains price-demand and total cost data for the production of treadmills,
where p is the wholesale price (in dollars) of a treadmill for an annual demand of a treadmills,
and C is the total cost (in dollars) of producing a treadmills.
X
2,910
3,415
4,645
5,330
P ($)
1,450
1,275
1,123
918
C ($)
3,634,000
3,782,000
4,185,000
4,290,000
Use this data to find a linear regression equation for price-demand data, using a as the
independent variable:
p = ax + b₂
where a is rounded to 1 decimal place and b is rounded to the nearest integer.
Use this data to find a linear regression model for the cost data, using as the independent
variable:
C(x) = cx +d,
where c is rounded to the nearest integer and d is rounded to the nearest 10,000.
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