Question

A consumer products company has collected some data relating monthly demand to the price of one of its products: 4. Price Demand $111100 2,100 $13 2,020 1,980 1,875 $19 What type of model would best represent these data? Linear function, logarithmic function, polynomial function (2nd order), power function, or exponential function? Make predictions of demand with prices as $15 and $18 respectively

Answer 1

Answer:

Linear function. It is actually a negative linear graph. for the products prices increases, there was a noticeable decrease in demand

slope y=-225/8x+19275/8

y=1987.5

y=1903.125

Explanation:

A consumer products company has collected some data relating monthly demand to the price of one of its products: 4. Price Demand $111100 2,100 $13 2,020 1,980 1,875 $19 What type of model would best represent these data?

Linear function. It is actually a negative linear graph. for the products prices increases, there was a noticeable decrease in demand

slope is

m=y2-y1/(x2-x1)

PICKING TWO POINTS

(11,2100) and (19,1875)

m=1875-2100/(19-11)

m=-225/8

as the slope

(11,2100). y=mx+b or

2100=-225/8 × 11+b,

solving for b: b=2100-(-225/8)(11).

b=19275/8.

(19,1875). y=mx+b or 1875=-225/8 × 19+b, or solving for b: b=1875-(-225/8)(19).

b=19275/8. is the intercept

y=mx+c is the equation of  line graph

y=-225/8x+19275/8

when x=15

y=1987.5

when x=18, y=

-225/8(18)+19275/8

y=1903.125