Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table contains price-demand and total cost data for the production of extreme-cold sleeping bags, where p is the wholesale price in dollars) of a

image text in transcribed

The table contains price-demand and total cost data for the production of extreme-cold sleeping bags, where p is the wholesale price in dollars) of a sleeping bag for an annual demand of x sleeping bags and C is the total cost (in dollars) of producing x sleeping bags. Complete parts (A) through (C) below. 950 1,200 1.850 2.050 p 240 220 160 125 130,000 155,000 180,000 190.000 C. (A) Find a quadratic regression equation for the price-demand data, using xa the independent variable. p(x) = (x+x+O (Round the constant to four decimal places as needed. Round all other values to six decimal places as needed) (B) Find a linear regression equation for the cost data, using x as the independent variable. C(x) = (x+ (Round to three decimal places as needed.) (C) What is the form of the equation for profit? Write the profit function in terms of the variables from the table, x, p, and C. profit What is the maximum profit? The maximum profit is $ (Round to the nearest dollar as needed.) What is the wholesale price per extreme-cold sleeping bag that should be charged to realize the maximum profit? The wholesale price per extreme-cold sleeping bag that should be charged to realize the maximum profit is $ (Round to the nearest dollar as needed.)

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

Calculus And Its Applications

Authors: Larry Goldstein, David Lay, David Schneider, Nakhle Asmar

14th Edition

0134437772, 9780134437774

More Books

Students also viewed these Accounting questions

Question

What is nonverbal communication?

Answered: 1 week ago