Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional

image text in transcribed
Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an Ipod Touch,p and Weekly Demand, s. Below is a table of data that have been collected Price,p, ($) Weekly Demand, 8, (1,000s) 150 208 170 199 190 196 210 183 230 182 250 168 A.. Find the linear model that best fits this data using regression and enter the model below (for entry round the linear parameter value to nearest 0.01 and constant parameter to nearest 1) 8 = T(P) = B. The squared correlation coefficient r was Select an answer $ 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $182 ? (nearest 100) D. According to the model at what should the price be set in order of have a weekly demand of 198,800 ipod Touches? $ (nearest $1)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Algebra And Trigonometry, Enhanced

Authors: Cynthia Y Young

4th Edition

1119320860, 9781119320869

More Books

Students also viewed these Mathematics questions

Question

9. Understand the phenomenon of code switching and interlanguage.

Answered: 1 week ago