Question

In: Math

1. The table below contains price-demand and total cost data for the production of projectors, where...

1. The table below contains price-demand and total cost data for the production of projectors, where p is the wholesale price (in dollars) of a projector for an annual demand of x projectors and C is the total cost (in dollars) of producing x projectors.

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

Price-Demand:

a. Make a scatter plot for p vs x (price-demand plot).

b. Get a regression line that best fits the data in Question a. 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.

c. Does it look like the regression line models the data well? (Yes or No) Why?

d. Use the equation typed in desmos to find p(0), p(3000), p(6000) 5. What value of x would make p(x) = 0?

Expert Solution

Solution:

(a) The scatter plot is plotted by use of demos,

(b)

Therefore, the regression line is P(x1) = -0.16725(x1)+1232.85.

(c) Yes, the below graph looks like the regression line model well to the data, since most of the observation lies around the line.

(d) The required values are given as below,

milcah answered 2 days ago

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