Price–demand. A company manufactures memory chips for microcomputers. Its marketing research department, using statistical techniques, collected the data shown in Table 1, where p is the wholesale price per chip at which x million chips can be sold. Using special analytical techniques (regression analysis), an analyst produced the following price–demand function to model the data:
Table 1 Price–Demand
x (millions) | p($) |
1 | 72 |
4 | 63 |
9 | 48 |
14 | 33 |
20 | 15 |
(A) Plot the data points in Table 1, and sketch a graph of the price–demand function in the same coordinate system.
(B) What would be the estimated price per chip for a demand of 7 million chips? For a demand of 11 million chips?
We need at least 10 more requests to produce the solution.
0 / 10 have requested this problem solution
The more requests, the faster the answer.