A company manufactures memory chips for microcomputers. Its marketing research department, using statistical techniques, collected the data
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A company manufactures memory chips for microcomputers. Its marketing research department, using statistical techniques, collected the data shown in Table 8, where p is the wholesale price per chip at which x million chips can be sold. Using special analytical techniques (regression analysis), an analyst produced the following price– demand function to model the data:
p(x) = 75 - 3x 1 ≤ x ≤ 20
(A) Plot the data points in Table 8, and sketch a graph of the price demand function in the same coordinate system.
(B) What would be the estimated price per chip for a demand of 7 million chips? For a demand of 11 million chips?
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Step 1 Step 2 b Using special analytical techniques the price demand function is px753x 1x20 ...View the full answer
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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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