A manufacturer gathers the data listed in the accompanying table relating the level of production x (hundred

Question:

A manufacturer gathers the data listed in the accompanying table relating the level of production x (hundred units) of a particular commodity to the demand price p (dollars per unit) at which all the units will be sold:

a. Plot these data on a graph.

b. Find the equation of the least-squares line for the data.

c. Use the linear demand equation you found in part (b) to predict the revenue the manufacturer should expect if 4,000 units (x = 40) are produced.

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Related Book For answer-question

Calculus For Business, Economics And The Social And Life Sciences

ISBN: 9780073532387

11th Brief Edition

Authors: Laurence Hoffmann, Gerald Bradley, David Sobecki, Michael Price

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Question Posted: Jun 24, 2023 08:36 AM

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A manufacturer gathers the data listed in the accompanying table relating the level of production x (hundred

Question:

Production x (hundreds of units) Demand price p (dollars per unit) 5 44 10 38 32 15 52 20 25 25 18 30 12 35 6

Step by Step Answer:

a b Using the formulas with n 7 So the equation of the le...View the full answer

Calculus For Business, Economics And The Social And Life Sciences

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