The data in the table show the daily demand x for cream puffs at a state fair
Question:
The data in the table show the daily demand x for cream puffs at a state fair at various price levels p. If it costs $1 to make a cream puff, use logarithmic regression (p = a + b ln x) to find the price (to the nearest cent) that maximizes profit.
Transcribed Image Text:
Demand Price per Cream Puff ($) P 3,125 1.99 3,879 1.89 5,263 1.79 5,792 1.69 6,748 1.59 8,120 1.49
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Related Book For
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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