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 a sleeping bags; . C is the total cost (in dollars) of producing a sleeping bags. C ($) 13,000 14,300 18,500 21,000 x (sleeping bags) 95 120 180 220 P ($) 240 235 155 50 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 b to 2 decimal places, and round c to 4 decimal places.
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 a sleeping bags; . C is the total cost (in dollars) of producing a sleeping bags. C ($) 13,000 14,300 18,500 21,000 x (sleeping bags) 95 120 180 220 P ($) 240 235 155 50 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 b to 2 decimal places, and round c to 4 decimal places.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:Use the price model above to answer this question.
The graph y = a +bx+cx² has y intercept a. In the context of price-demand for
sleeping bags, what is the interpretation of this value?
O When the price is $a per sleeping bag, there is a weekly demand of a sleeping bags.
The break-even point is $a per sleeping bag.
O The equilibrium price is $a per sleeping bag.
O When the sleeping bags are free (price = $0), there is a weekly demand of a sleeping bags.
When the price is $a per sleeping bag, there is no demand for sleeping bags.
O The equilibrium quantity is a sleeping bags per week.
O The break-even point is a sleeping bags per week.
Revenue Model
Use the price model above to construct a revenue model.
Find a model for the weekly revenue, using a as the independent variable.
NOTE: Do not calculate another regression. Use the price equation to find a model for
revenue R(x) = p. x.
00
000
D
******
3
Transcribed Image Text:Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below
shows the price-demand and total cost data, where:
•p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a
sleeping bags;
. C is the total cost (in dollars) of producing a sleeping bags.
p ($)
C ($)
240
13,000
235
14,300
155
18,500
21,000
x (sleeping bags)
95
120
180
220
50
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 a as the
independent variable.
p = a +bx+cx²
Round a to the nearest integer, round b to 2 decimal places, and round c to 4 decimal
places.
Use this price model to answer question 1-2 below.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 12 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman