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1. A snack vendor priced an order of nachos differently in different venues and then kept track of the total daily nacho revenue. The data
1. A snack vendor priced an order of nachos differently in different venues and then kept track of the total daily nacho revenue. The data is described in the following table. Price per order Total Revenue 4.00 88.00 4.00 84.00 0.50 50.50 0.90 81.00 1.75 115.50 3.15 122.85 1.80 124.20 2.15 124.70 1.40 102.20 2.70 132.30 2.45 129.85 3.60 100.80 a) Plot the data in Excel (show me your plot) and do both a linear and quadratic regression. b) Which regression does a better job of approximating the data? c) Based on your model, at what price would you advise pricing an order of nachos to maximize revenue? d) Based on your model, predict the revenue if you price the nachos at $2.00 per order. e) How could you get Excel to decide for itself whether or not a linear model does a good job of approximating the data? How COuld you get Excel to decide for itself whether a quadratic model does a good job of approximating the data
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