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Ipod Touch nas een out for two years now and a lot of data has been colle 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, s, (1,000s) 150 170 190 210 230 250 212 200 193 186 176 170 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) s = T (p) B. The squared correlation coefficient 7² 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 $213 ? (nearest 100)

Ipod Touch nas een out for two years now and a lot of data has been colle 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, s, (1,000s) 150 170 190 210 230 250 212 200 193 186 176 170 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) s = T (p) B. The squared correlation coefficient 7² 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 $213 ? (nearest 100)

College Algebra
College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter4: Linear Functions
Section: Chapter Questions
Problem 8PT: Does Table 1 represent a linear function? If so, finda linear equation that models the data.
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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, s, (1,000s) 150 170 190 210 230 250 S = T(p) 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) 212 200 193 186 176 170 = B. The squared correlation coefficient ² 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 $213? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 187,400 ipod Touches? $ (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer
Transcribed Image Text:Situation: The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand, s. Below is a table of data that have been collected Price,p, ($) Weekly Demand, s, (1,000s) 150 170 190 210 230 250 S = T(p) 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) 212 200 193 186 176 170 = B. The squared correlation coefficient ² 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 $213? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 187,400 ipod Touches? $ (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer
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