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x1 p c 1943 1035 900 3190 581 1130 4570 405 1241 6490 124 1800 7330 85 1620 Price-Demand: Make a scatter plot for p

x1 p c
1943 1035 900
3190 581 1130
4570 405 1241
6490 124 1800
7330 85 1620

Price-Demand:

  1. Make a scatter plot for p vs x (price-demand plot).
  2. Get a regression line that best fits the data in Question 1. You need to type the equation of this line in desmos and graph it with your scatter plot. Please use p(1) = equation when typing in desmos.
  3. Does it look like the regression line models the data well? (Yes or No) Why?
  4. Use the equation typed in desmos to find p(0), p(3000), p(6000)
  5. What value of x would make p(x) = 0?

Cost:

  1. Make a scatter plot for c vs x (total cost plot)
  2. Get a regression line that best fits the data in Question 6. You need to type the equation of this line in
  3. Does it look like the regression line from Question 7 models the data from Question 6 well? (Yes or No) Why?
  1. Use the total cost equation typed in demos to find c(0), c(3000), c(6000)
  2. What is the fixed and variable costs from the regression equation you obtained in Question 7?

Revenue

  1. Using the regression equation for price-demand from Question 2, determine what the R(x) equation is. Graph this on desmos.
  2. Determine the number of units that will maximize the revenue?
  3. What is the max revenue?
  4. What are the break-even points?
  5. What is the number of units that will keep the revenue positive? (Answer in interval notation.)

Profit

  1. What is the P(x)? Graph the Profit function on desmos along with the R(x) and c(x).
  2. Using the break-even points found in Question 14, what is the profit at these points?
  3. For what number of units is the profit positive? (Answer in interval notation.)
  4. What number of units will give us the max profit?
  5. What is the max profit?

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