PLEASE SHOW WORK SO I KNOW HOW TO DO THE PROBLEMS, THANK YOU! ..000 cricket o 83

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PLEASE SHOW WORK SO I KNOW HOW TO DO THE PROBLEMS, THANK YOU!

..000 cricket o 83%) 10:58 AM Odessa College Situation: 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.(S) Weekly Demand,s,(1,000s) 209 204 200 192 181 174 150 170 190 210 230 250 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) Preview B. The squared correlation coefficientr2 was (abowe 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 $189? (nearest hundredth) D. According to the model at what should the price be set in order to have a weekly demand of 200,500 ipod Touches? (nearest one)

Explanation / Answer

price is inependent variable----X

weekly demand is dependent variable---Y

Perform regression in excel

we get the following output.

weeklydemand=265.3-0.36(price)

constant term=y intercept=265.3

slope=-0.36

SOLUTIONA:

S=265.3-0.36P

SOLUTIONB:

Got R SQ=0.97

WHICH IS ABOVE 0.95

SOLUTIONC:

Given price=189

substitute in regression eq obtained

weeklydemand=265.3-0.36(price)

weeklydemand=265.3-0.36(189)

=197.26

=197.26

SOlutionD:

we have

weeklydemand=265.3-0.36(price)

price to be found

Given demand=200500

200500=265.3-0.36(price)

0.36P=265.3-200500

p=-556207.5

price =556208

SUMMARY OUTPUT Regression Statistics Multiple R 0.986959 R Square 0.974087 Adjusted R Square 0.967609 Standard Error 2.456284 Observations 6 ANOVA df SS MS F Significance F Regression 1 907.2 907.2 150.3646 0.000254 Residual 4 24.13333 6.033333 Total 5 931.3333 Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Intercept 265.3333 5.956656 44.54401 1.52E-06 248.795 281.8717 price(p) -0.36 0.029358 -12.2623 0.000254 -0.44151 -0.27849

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