1) Your company manufactures, among other things, pencil cases. Noting that sales have fallen in recent years, you decide to see if it is possible to straighten the market trend. You raise the sales volume as well as the price over the past few years. The results are given opposite, the comparison being made in constant dollars. Year Price ($) Annual sales in thousands yearpriceannual sales19821,503519831,753119841,952819852,302419863,0010 a) Graph the data.b) Using these data, construct a model describing the relationship betweenprice and sales volume.c) The company wishes to dispose of what it can produce without askingworkers to work overtime without stoppingits other productions, i.e. 20,000 cases. What should be the price forsell off production? d) Calculate the correlation coefficient. What does this coefficient tell you?

Given data: year price annual sales 1982 1,50 35 1983 1,75 31 1984…

Answered: Your company manufactures, among other…

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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1) Your company manufactures, among other things, pencil cases. Noting that sales have fallen in recent years, you decide to see if it is possible to straighten the market trend. You raise the sales volume as well as the price over the past few years. The results are given opposite, the comparison being made in constant dollars. Year Price ($) Annual sales in thousands