Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x) = p. x. R(x) px (a + bx + cx²)x = ax + bx² + cx³ Use this revenue model to answer questions 3-8 below. Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping bags; . C' is the total cost (in dollars) of producing a sleeping bags. x(sleeping bags) 95 120 180 220 P ($) 240 235 155 50 C ($) 13,000 14,300 18,500 21,000 Use this data to create regression models to answer all of the questions below.
Revenue Model Use the price model above to construct a revenue model. Find a model for the weekly revenue, using as the independent variable. NOTE: Do not calculate another regression. Use the price equation to find a model for revenue R(x) = p. x. R(x) px (a + bx + cx²)x = ax + bx² + cx³ Use this revenue model to answer questions 3-8 below. Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping bags; . C' is the total cost (in dollars) of producing a sleeping bags. x(sleeping bags) 95 120 180 220 P ($) 240 235 155 50 C ($) 13,000 14,300 18,500 21,000 Use this data to create regression models to answer all of the questions below.
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter2: Functions And Graphs
Section2.3: Linear Functions And Slope
Problem 106E
Related questions
Question
1. Estimate the weekly revenue when the weekly demand is 177. Round to the nearest dollar.
$_______
2.
Estimate the marginal weekly revenue when the weekly demand is 136. Round to the nearest cent.
$ ________ per sleeping bag
3.
Estimate the average weekly revenue per bag when the weekly demand is 188. Round to the nearest cent.
$_______per sleeping bag
Transcribed Image Text:Revenue Model
Use the price model above to construct a revenue model.
Find a model for the weekly revenue, using as the independent variable.
NOTE: Do not calculate another regression. Use the price equation to find a model for
revenue R(x) = p. x.
R(x) px (a + bx + cx²)x = ax + bx² + cx³
Use this revenue model to answer questions 3-8 below.
Transcribed Image Text:Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows
the price-demand and total cost data, where:
p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of a sleeping
bags;
. C' is the total cost (in dollars) of producing a sleeping bags.
x(sleeping bags)
95
120
180
220
P ($)
240
235
155
50
C ($)
13,000
14,300
18,500
21,000
Use this data to create regression models to answer all of the questions below.
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