Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: . p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of sleeping bags; . C' is the total cost (in dollars) of producing a sleeping bags. (sleeping bags) 95 120 180 220 P ($) 240 235 155 50 C ($) 13,000 14,300 18,500 21,000 Use this data to create regression models to answer all of the questions below. Price Model Find a quadratic regression equation for the price-demand data, using as the independent variable. p = a + bx + cx² Round a to the nearest integer, round 6 to 2 decimal places, and round c to 4 decimal places. Use the price model above to answer this question. The graph y= a + bx + ca² has y intercept a. In the context of price-demand for sleeping bags, what is the interpretation of this value? О О When the sleeping bags are free (price = $0), there is a weekly demand of a sleeping bags. The break-even point is a sleeping bags per week. When the price is $a per sleeping bag, there is a weekly demand of a sleeping bags. The equilibrium price is $a per sleeping bag. When the price is $a per sleeping bag, there is no demand for sleeping bags. The break-even point is $a per sleeping bag. The equilibrium quantity is a sleeping bags per week.
Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: . p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of sleeping bags; . C' is the total cost (in dollars) of producing a sleeping bags. (sleeping bags) 95 120 180 220 P ($) 240 235 155 50 C ($) 13,000 14,300 18,500 21,000 Use this data to create regression models to answer all of the questions below. Price Model Find a quadratic regression equation for the price-demand data, using as the independent variable. p = a + bx + cx² Round a to the nearest integer, round 6 to 2 decimal places, and round c to 4 decimal places. Use the price model above to answer this question. The graph y= a + bx + ca² has y intercept a. In the context of price-demand for sleeping bags, what is the interpretation of this value? О О When the sleeping bags are free (price = $0), there is a weekly demand of a sleeping bags. The break-even point is a sleeping bags per week. When the price is $a per sleeping bag, there is a weekly demand of a sleeping bags. The equilibrium price is $a per sleeping bag. When the price is $a per sleeping bag, there is no demand for sleeping bags. The break-even point is $a per sleeping bag. The equilibrium quantity is a sleeping bags per week.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows
the price-demand and total cost data, where:
.
p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of sleeping
bags;
. C' is the total cost (in dollars) of producing a sleeping bags.
(sleeping bags)
95
120
180
220
P ($)
240
235
155
50
C ($)
13,000
14,300
18,500
21,000
Use this data to create regression models to answer all of the questions below.
Price Model
Find a quadratic regression equation for the price-demand data, using as the independent
variable.
p = a + bx + cx²
Round a to the nearest integer, round 6 to 2 decimal places, and round c to 4 decimal places.
Transcribed Image Text:Use the price model above to answer this question.
The graph y= a + bx + ca² has y intercept a. In the context of price-demand for sleeping
bags, what is the interpretation of this value?
О
О
When the sleeping bags are free (price = $0), there is a weekly demand of a sleeping bags.
The break-even point is a sleeping bags per week.
When the price is $a per sleeping bag, there is a weekly demand of a sleeping bags.
The equilibrium price is $a per sleeping bag.
When the price is $a per sleeping bag, there is no demand for sleeping bags.
The break-even point is $a per sleeping bag.
The equilibrium quantity is a sleeping bags per week.
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