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Situation: The Ipod Touch has been out for two years now and a lot of data has been collected (Shown in the table below). Relevant
Situation: The Ipod Touch has been out for two years now and a lot of data has been collected (Shown in the table below). Relevant Relationship: There is a functional relationship between Price thousands). an IPod Touch, p, (in $), and Weekly Demand , S(p), (in Price,p,($) Weekly Demand, S(p),(1,000s) 150 217 170 205 190 191 210 190 230 182 250 168 A.. Find the linear model that best fits this data using regression and enter the model below. Note: Round the linear parameter value to nearest 0.01 and constant parameter to nearest 1. Write the answer in proper Function Notation) Function: B. The squared correlation coefficient r2 was Select an answer 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) C. Using the function from Part A what does the model predict will be the weekly demand if the price of an ipod touch is $171 ? (Round to the nearest 100) The weekly demand for an ipod priced at $171 will be approximately D. According to the model at what should the price be set in order to have a weekly demand of 202,800 ipod Touches? (Round to the nearest dollar). To have a weekly demand of 202,800, the price of the ipod should be set at approximately $ Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
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