Price-Demand: p = D(x) 984 410 2140 220 2940 |143 4200 55 5125 45 Price-Supply p = S(x) 984 21 2140 77 2940 108 4200 |150 5125 190 Find a quadratic regression model for the price-demand data and a linear regressio price-supply data. Use these models to answer the following questions.
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What is the price-demand equation for the data in the attached image?
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- Sally Sells Sea Shells by the Sea Shore and collects all sales dataNow she is curious to find out what the elasticity of demand is for her shells Assume they are all the same type and quantity She scatter plots the data and finds there is a linear relationship that looks ripe for a regression estimation of the price response function for her shells The slope of her regression line is 61. Currently, her average daily price is 11.74 and she sells 95 quantity at that priceCalculate the point elasticity of demand for her sea shellsGiven the following data X (consumers of teff) or popn 3 6 8 1 13 13 14 Y ( teff consumption) 8 6 10 12 12 14 20 year 2013 2014 2015 2016 2017 2018 2019 Estimate the regression equation, Y= a+bX, Where Y denotes demand for teff while X is consumers of teff (population) By assuming demand for teff is only affected by its consumers, find the amount demand for teff in the year 2022 if the populations (consumers of teff) are about 18 people? (Hint: use the least square method, parameter a and b can be estimated by solving the two linear equations) SY= na+ bSX SXY=aSX +b Where n is number of years. For example, Estimate the sales for 2012, 2015 and fit a linear regression equation and draw a trend line.ar X Sales (Y) XY X2 year X Sales (Y) XY X2 2002 1 22734 22734 1 2003 2 24731 49462 4 2004 3 31489 94467 9 2005 4 44685 178740 16 2006 5 55319…The Ipod Touch has been out for several years now and a lot of data has been collected. There is a functional relationship between the Price of an IPod Touch and Weekly Demand. Below is a table of data that have been collected Price P ($) Weekly Demand S (1,000s) 150 207 170 208 190 192 210 190 230 185 250 169 A.. Find the linear model that best fits this data using regression and enter the model below (for entry round the slope value to nearest 0.01 and constant parameter to nearest 1) T(p) = Now answer these two questions: B.. What does the model predict will be the weekly demand if the price of an ipod touch is $191 ? (nearest 100) C.. According to the model at what should the price be set in order to have a weekly demand of 194,800 ipod Touches? $ (nearest $1) Note: In the "real" world Apple sold about 20 million Ipod Touch's from Sept. 2007-Sept. 2009
- The following data relate the sales figures of the bar in Mark Kaltenbach's small bed-and-breakfast inn in portland, to the number of guest registered that week: week guests bar sales 1 16 $330 2 12 $270 3 18 $380 4 14 $315 a) The simple linear regression equation that relates bar sales to number of guests(not to time) is (round your responses to one decimal place): Bar sales = [___]+[___]X guestsCafé Michigan's manager, Gary Stark, suspects that demand for mocha latte coffees depends on the price being charged. Based on historical observations, Gary has gathered the following data, which show the numbers of these coffees sold over six different price values: Price $2.50 $3.60 $1.90 $4.10 $3.10 $4.10 Number Sold 760 515 980 245 325 490 Using simple linear regression and given that the price per cup is $1.85, the forecasted demand for mocha latte coffees will be cups (enter your response rounded to one decimal place).What is a linear regression model? What is measured by the coefficients ofa linear regression model? What is the ordinary least squares estimator?
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- The tables to the right give price-demand and price-supply data for the sale of soybeans at a grain market, where x is the number of bushels of soybeans (in thousands of bushels) and p is the price per bushel (in dollars). Use quadratic regression to model the price-demand data and linear regression to model the price-supply data. Complete parts (A) and (B) below. (A) Find the equilibrium quantity and equilibrium price. The equilibrium quantity is thousand bushels. (Round to three decimal places as needed.) (...) Price-Demand p=D(x) 6.67 6.56 6.47 6.36 6.34 X 0 10 20 30 40 Price-Supply p= S(x) 6.46 6.54 6.60 6.61 6.68 X 0 10 20 30 40You are the owner of a restaurant located in a beach resort in Hawaii and want to use regression analysis to estimate the demand for your fresh seafood dinners. You have collected data on the daily quantity of seafood dinners sold over the last summer season. In order to correctly specify your regression equation, which of the following variables should be considered? Select one: A. the prices charged for souvenirs in local stores B. the prices charged for scuba diving excursions at the resort C. the wages paid to your chef and servers D. the daily number of vacationers at the resortHello, I am trying to find the equations on my calculator for the price-demand and price supply equations. The data is in the attached image. I think I am doing something wrong, but not sure what. I found the quadratic regression model for the first set of data using my calculator, but I used the p=D(x) as list one, and x, as list two. I came up with 0.028x^2-23x +5743 is this right? or do I need the reverse the order? For the price-supply data I but the p=S(x) as list 1 and x as list 2 and I got the linear regression function: 2 5.1x+342 Can you please let me know if I am on the right track?