Question

In: Math

Situation: The Ipod Touch has been out for two years now and a lot of data...

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,pp and Weekly Demand,ss.
Below is a table of data that have been collected

Price,pp,($) Weekly Demand,ss,(1,000s)
150 210
170 209
190 199
210 186
230 184
250 176


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)=s=T(p)=   

Now answer these two questions using the UNROUNDED model parameters


B. What does the model predict will be the weekly demand if the price of an ipod touch is $249 ?  (nearest 100)

C. According to the model at what should the price be set in order to have a weekly demand of 189,600 ipod Touches? $ (nearest $1)

Solutions

Expert Solution

milcah answered 3 months ago
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