Review the table forecasting a company’s profit based on the number of units sold. Number of Units Profit ($) 500 –10,000 1,200 3,000 2,500 27,000 3,200 40,000 3,600 45,000 4,300 47,000 5,000 45,000 6,750 20,000 Which statement is the best interpretation of the value 29,864 in the quadratic regression equation? The company has an initial loss of about $29,864. The company has an initial profit of about $29,864. The company needs to sell about 29,864 units to break even. The company needs to sell about 29,864 units to maximize its profit.
Review the table forecasting a company’s profit based on the number of units sold. Number of Units Profit ($) 500 –10,000 1,200 3,000 2,500 27,000 3,200 40,000 3,600 45,000 4,300 47,000 5,000 45,000 6,750 20,000 Which statement is the best interpretation of the value 29,864 in the quadratic regression equation? The company has an initial loss of about $29,864. The company has an initial profit of about $29,864. The company needs to sell about 29,864 units to break even. The company needs to sell about 29,864 units to maximize its profit.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Question
Review the table forecasting a company’s profit based on the number of units sold.
|
Number of Units |
Profit ($) |
|
500 |
–10,000 |
|
1,200 |
3,000 |
|
2,500 |
27,000 |
|
3,200 |
40,000 |
|
3,600 |
45,000 |
|
4,300 |
47,000 |
|
5,000 |
45,000 |
|
6,750 |
20,000 |
Which statement is the best interpretation of the value 29,864 in the quadratic regression equation?
The company has an initial loss of about $29,864.
The company has an initial profit of about $29,864.
The company needs to sell about 29,864 units to break even.
The company needs to sell about 29,864 units to maximize its profit.
Expert Solution
Step 1
Introduction:
The predictor variable is the number of units; let us denote it by x. The response variable is the profit ($); let us denote it by y.
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