Mathematics, 29.07.2020 21:01, Branci5125

Use the given data to find a regression line that best fits the price-demand data for price p in dollars as a function of the demand x widgets. Here, price is the dependent variable, and demand is the independent variable. Find the regression function for price, and write it as p ( x ) = m x + b. Demand x (widgets) Price p ($/widget) Total Cost C ($)
10 141 609
20 133 1103
30 126 1618
40 128 2109
50 113 2603
60 97 3111
70 90 3619
80 82 4103
90 79 4601
100 53 5114

Also use the regression function you found to estimate p(x) for specific values of x. Give the real-world interpretation of the result of such computations in complete sentences. Be sure to include units.

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Use the given data to find a regression line that best fits the price-demand data for price p in dol...