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. (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. Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x)=p.x. R(x) px (a + bx + cx²)x = ax + bx² + cx³ Use this revenue model to answer questions 3-8 below.
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. (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. Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x)=p.x. R(x) px (a + bx + cx²)x = ax + bx² + cx³ Use this revenue model to answer questions 3-8 below.
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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Question
Estimate the weekly revenue when the weekly demand is 177. Round to the nearest dollar.
Thanks for the help!
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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 a 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.
Transcribed Image Text:Revenue Model
Use the price model above to construct a revenue model.
Find a model for the weekly revenue, using as the independent variable.
NOTE: Do not calculate another regression. Use the price equation to find a model for
revenue R(x)=p.x.
R(x) px (a + bx + cx²)x = ax + bx² + cx³
Use this revenue model to answer questions 3-8 below.
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