Error_Analysis
New member
- Joined
- Sep 25, 2008
- Messages
- 5
I'm stuck on a HW problem. I have the answer (I won't always have the answer - I just happened to look in the back of the book for help) in the first place - where I'm stuck is how to get to the answer. I understand how to do the workings upon a graphing calculator - but how to solve for the demand for a given price level is confusing.
1. A company is planning to introduce a ten-piece set of non-stick cookware. A marketing company established price-demand and price-supply tables for selected prices (Table 1 and Table 2), where x is the number of cookware sets people are wiling to buy and the company is willing to sell each month at a price of p dollars per set.
[As an FYI both tables require the same information, so I'm only putting Table 1 up, since if I understand Table 1, Table 2 should be easy to understand - just with a change in information.]
TABLE 1
x: 985, 2145, 2950, 4225, 5100
p= D(x)($) : 330, 225, 170, 105, 50
A. Find a quadratic regression model for the data in Table 1. Estimate the demand at a price level of $180.
So, after plugging all of that junk into my calculator I got the following answer for the regression equation:
ax^2 + bx + c
a = 5.94772121 E -6
b= -.1024018814
c= 422.3467853
Now, how do I find the demand for the given price - when the answer is 2,833?
I have tried plugging 180 for x, but that doesn't seem to work.
Help?
1. A company is planning to introduce a ten-piece set of non-stick cookware. A marketing company established price-demand and price-supply tables for selected prices (Table 1 and Table 2), where x is the number of cookware sets people are wiling to buy and the company is willing to sell each month at a price of p dollars per set.
[As an FYI both tables require the same information, so I'm only putting Table 1 up, since if I understand Table 1, Table 2 should be easy to understand - just with a change in information.]
TABLE 1
x: 985, 2145, 2950, 4225, 5100
p= D(x)($) : 330, 225, 170, 105, 50
A. Find a quadratic regression model for the data in Table 1. Estimate the demand at a price level of $180.
So, after plugging all of that junk into my calculator I got the following answer for the regression equation:
ax^2 + bx + c
a = 5.94772121 E -6
b= -.1024018814
c= 422.3467853
Now, how do I find the demand for the given price - when the answer is 2,833?
I have tried plugging 180 for x, but that doesn't seem to work.
Help?