Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched...

Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched the sales volume of her favorite flower, the yellow rose, change over the past 10 weeks. The changes are due to an experiment that Connie is conducting. She has been told that she could sell more roses by reducing the price, and Connie tends to agree. In her experiment, Connie has set out to determine the relationship between the price charged for yellow roses and the quantity demanded. Over the past 10 weeks, Connie has carefully tracked the selling price of her roses and the quantity sold. Her data are as follows:

Week	Price	Quantity Sold
1	$30	50
2	8	270
3	10	240
4	27	90
5	25	110
6	21	130
7	12	200
8	15	190
9	19	160
10	20	150

a. Develop a least squares regression equation that shows the relationship between the

quantity of roses sold and the price charged.

b. If Connie sets the price at $17, what should be the demand for her roses?

c. Discuss the use of this modeling process in a different business setting.

Expert Solution

In this question I will help you find the numerical part.

a. To get the least squares regression regression equation first put the data in excel and insert a scatter plot.

This graph is between price vs. quantity sold.

Now to get the equation make the trendline using layout option in chart tools and select the bottom two check box as shown:

This will give you the required equation on graph.

Thus our least squares regression equation is y = -9.0896x + 328.98

b. If the price is set to $17 we can calculate the demand by putting the value of y=17

17 = -9.0896x+328.98 and solve for x

x = 34.322 = 34 roses

keosha answered 9 months ago

Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched...

Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched the sales volume of her favorite flower, the yellow rose, change over the past 10 weeks. The changes are due to an experiment that Connie is conducting. She has been told that she could sell more roses by reducing the price, and Connie tends to agree. In her experiment, Connie has set out to determine the relationship between the price charged for yellow roses...

Georgina has recently gone to her primary care provider for her annual physical. As part of...

Georgina has recently gone to her primary care provider for her annual physical. As part of routine examination a vision exam is given. Georgina has always had perfect vision but is having some difficulty with this test today. Upon further questioning, the medical assistant learns that Georgina has been experiencing blurred vision for quite some time and often sees what she describes as rings when she is near bright light. On physical examination the provider also notices a cloudy appearance...

A woman is looking to purchase her primary home in the Cleveland Suburbs. She has enough...

A woman is looking to purchase her primary home in the Cleveland Suburbs. She has enough for a 20% down payment and an income of $40,000 per year. However, her FICO Score is 660. The prime Interest Rate for 30-year Mortgages is 4.75%. She has a car payment of $400 per month and a Student Loan Payment of $200 per month. The home she finds has 70 Effective Property Tax Mills and Homeowner’s Insurance Costs $50 per month on every...

Scenario H.K.’s sister has brought her 71-year-old brother to the primary care clinic because he has...

Scenario H.K.’s sister has brought her 71-year-old brother to the primary care clinic because he has had a fever for 2 days. She says he has shaking chills and a productive cough and he cannot lie down to sleep because “he can’t stop coughing.” After H.K. is examined, he is diagnosed with community-acquired pneumonia (CAP) and admitted to your floor at 1130. The resident is busy and asks you to complete your routine admission assessment and call her with your...

RB is a 35-year-old female who has recently married. She comes to see her primary provider...

RB is a 35-year-old female who has recently married. She comes to see her primary provider to discuss the possibility of becoming pregnant. RB would like to know how to tell when she would be most likely to conceive. Question: Describe what happens during the endometrial cycle. You will need to defend your answer using specific facts, data

RB is a 35-year-old female who has recently married. She comes to see her primary provider...

RB is a 35-year-old female who has recently married. She comes to see her primary provider to discuss the possibility of becoming pregnant. RB would like to know how to tell when she would be most likely to conceive.Discuss the process that occurs during the ovarian cycle. Include in your answer specific facts.

1.An 81-year-old woman named Phyllis has gone to her primary care physician for a regular checkup....

1.An 81-year-old woman named Phyllis has gone to her primary care physician for a regular checkup. Before her appointment was over, the physician reviewed her current medications with her and asked if she had any questions about them. Phyllis asked the doctor why she is taking Inderal. a. To thin the blood to prevent blood clots b. To help break up a blood clot c. To treat high blood pressure 2. An 81-year-old woman named Phyllis has gone to her...

Case Study: Jan (4-2-1-0-2), age 42 is 18 weeks pregnant. Her primary health care provider has...

Case Study: Jan (4-2-1-0-2), age 42 is 18 weeks pregnant. Her primary health care provider has suggested an amniocentesis because of her age and a family history of a genetic disorder, both of which place Jan’s fetus at risk for genetic anomalies. Jan’s blood type is A negative and her partner’s, the father of her baby, is B positive. Describe the nurse’s role in terms of each of the following. 1. How will you prepare Jan for the amniocentesis? 2....

Question

Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched...

Solutions

Expert Solution

Related Solutions

Connie Jefferson is the primary flower dealer in her hometown of San Flores. Connie has watched...

Georgina has recently gone to her primary care provider for her annual physical. As part of...

A woman is looking to purchase her primary home in the Cleveland Suburbs. She has enough...

Scenario H.K.’s sister has brought her 71-year-old brother to the primary care clinic because he has...

RB is a 35-year-old female who has recently married. She comes to see her primary provider...

RB is a 35-year-old female who has recently married. She comes to see her primary provider...

1.An 81-year-old woman named Phyllis has gone to her primary care physician for a regular checkup....

Case Study: Jan (4-2-1-0-2), age 42 is 18 weeks pregnant. Her primary health care provider has...