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

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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,p and Weekly Demand, s. Below is a table of data that have been collected Price,p.($) Weekly Demand, s,(1,000s) 150 170 190 210 230 250 212 208 191 191 177 172 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) - B. The squared correlation coefficient r2 was [Select an answer 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $218? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 198,900 ipod Touches? S (nearest 51) Note: In the "real world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer The Ipod Touch has been out for two years now and a lot of data has been collected. Relevant Relationship: There is a functional relationship between Price of an IPod Touch,p and Weekly Demand, s. Below is a table of data that have been collected Price,p.($) Weekly Demand, s,(1,000s) 150 170 190 210 230 250 212 208 191 191 177 172 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) - B. The squared correlation coefficient r2 was [Select an answer 0.95 (note: values less than 0.95 MAY mean the model is not appropriate for making predictions) Now answer these two questions using the UNROUNDED model parameters C. What does the model predict will be the weekly demand if the price of an ipod touch is $218? (nearest 100) D. According to the model at what should the price be set in order to have a weekly demand of 198,900 ipod Touches? S (nearest 51) Note: In the "real world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009 Answer

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