Business: advertising. The business of manufacturing and selling bowling balls in one of frequent changes. Companies introduce new models to market about every 3 to 4 months. Typically, a new model is created because of advances in technology such as new surface stock or a new way to place weight blocks in a ball. To decide how to best use advertising dollars, companies track sales in relation to amount spent on advertising. Suppose a company has the following data from past sales. Amount Spent on Advertising (in thousands) Number of Bowling Balls Sold, N 0 $ 8 50 13,115 100 19,780 150 22,612 200 20,083 250 12,430 300 4 a. Use regression to fit linear, quadratic, cubic, and quartic functions to the data. b. Determine the domain of the function in part (a) that fits the data and the problem situation. How did you arrive at your answer? c. Determine the maximum value of the function over the domain. How much should the company spend on advertising a new model in order to maximize the number of bowling balls sold?
Business: advertising. The business of manufacturing and selling bowling balls in one of frequent changes. Companies introduce new models to market about every 3 to 4 months. Typically, a new model is created because of advances in technology such as new surface stock or a new way to place weight blocks in a ball. To decide how to best use advertising dollars, companies track sales in relation to amount spent on advertising. Suppose a company has the following data from past sales. Amount Spent on Advertising (in thousands) Number of Bowling Balls Sold, N 0 $ 8 50 13,115 100 19,780 150 22,612 200 20,083 250 12,430 300 4 a. Use regression to fit linear, quadratic, cubic, and quartic functions to the data. b. Determine the domain of the function in part (a) that fits the data and the problem situation. How did you arrive at your answer? c. Determine the maximum value of the function over the domain. How much should the company spend on advertising a new model in order to maximize the number of bowling balls sold?
Solution Summary: The author explains how to calculate the linear, quadratic, cubic, and quartic functions of the provided data.
Business: advertising. The business of manufacturing and selling bowling balls in one of frequent changes. Companies introduce new models to market about every 3 to 4 months. Typically, a new model is created because of advances in technology such as new surface stock or a new way to place weight blocks in a ball. To decide how to best use advertising dollars, companies track sales in relation to amount spent on advertising. Suppose a company has the following data from past sales.
Amount Spent on Advertising (in thousands)
Number of Bowling Balls Sold, N
0 $
8
50
13,115
100
19,780
150
22,612
200
20,083
250
12,430
300
4
a. Use regression to fit linear, quadratic, cubic, and quartic functions to the data.
b. Determine the domain of the function in part (a) that fits the data and the problem situation. How did you arrive at your answer?
c. Determine the maximum value of the function over the domain. How much should the company spend on advertising a new model in order to maximize the number of bowling balls sold?
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3. We'd like to know the first time when the population reaches 7000 people. First, graph the
function from part (a) on your calculator or Desmos. In the same window, graph the line y =
7000. Notice that you will need to adjust your window so that you can see values as big as
7000! Investigate the intersection of the two graphs. (This video shows you how to find the
intersection on your calculator, or in Desmos just hover the cursor over the point.) At what
value t> 0 does the line intersect with your exponential function? Round your answer to two
decimal places. (You don't need to show work for this part.) (2 points)
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