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We have the following data for Demand Price and Costs for our product. Quantity Demand Price 100 Costs 500 $35.35 $21.63 $17.25 $2347.67 $5040.00 $7481.67 300 1000 1500 $12.70 $12469.67 $10.26 $16196.00 We have reason to believe that the Demand Price is a power (exponential) function of some kind. Our Cost function is close to linear, but we expect, from some market analysis, that it is in fact quadratic. Approximate this data with a Demand Price function and a Cost function. Explain how confident you are; that is, how much error do you think is reasonable in this type of scenario?

We have the following data for Demand Price and Costs for our product. Quantity Demand Price 100 Costs 500 $35.35 $21.63 $17.25 $2347.67 $5040.00 $7481.67 300 1000 1500 $12.70 $12469.67 $10.26 $16196.00 We have reason to believe that the Demand Price is a power (exponential) function of some kind. Our Cost function is close to linear, but we expect, from some market analysis, that it is in fact quadratic. Approximate this data with a Demand Price function and a Cost function. Explain how confident you are; that is, how much error do you think is reasonable in this type of scenario?

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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6. We have the following data for Demand Price and Costs for our product. Quantity 100 Demand Price $35.35 Costs 500 $21.63 $17.25 $2347.67 $5040.00 $7481.67 300 1000 $12.70 $12469.67 $16196.00 1500 $10.26 We have reason to believe that the Demand Price is a power (exponential) function of some kind. Our Cost function is close to linear, but we expect, from some market analysis, that it is in fact quadratic. Approximate this data with a Demand Price function and a Cost function. Explain how confident you are; that is, how much error do you think is reasonable in this type of scenario?
Transcribed Image Text:6. We have the following data for Demand Price and Costs for our product. Quantity 100 Demand Price $35.35 Costs 500 $21.63 $17.25 $2347.67 $5040.00 $7481.67 300 1000 $12.70 $12469.67 $16196.00 1500 $10.26 We have reason to believe that the Demand Price is a power (exponential) function of some kind. Our Cost function is close to linear, but we expect, from some market analysis, that it is in fact quadratic. Approximate this data with a Demand Price function and a Cost function. Explain how confident you are; that is, how much error do you think is reasonable in this type of scenario?
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