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The revenue (in thousands of dollars) resulting from the demand for a given item is indicated in Table $13 .$ Find the equation of the best fit quartic for this data. $$\begin{array}{|l|l|l|l|l|l|l|l|}\hline \text { Demand } & \mathbf{1 0 0} & \mathbf{2 0 0} & \mathbf{3 0 0} & \mathbf{4 0 0} & \mathbf{5 0 0} & \mathbf{6 0 0} & \mathbf{7 0 0} \\\hline \text { Revenue } & 0.8 & 3.8 & 5.7 & 7.2 & 5.6 & 4.1 & 1.1 \\\hline\end{array}$$

Algebra

Chapter 1

Functions and their Applications

Section 8

Regression

Functions

Campbell University

Harvey Mudd College

University of Michigan - Ann Arbor

Lectures

01:43

In mathematics, a function is a relation between a set of inputs and a set of permissible outputs with the property that each input is related to exactly one output. An example is the function that relates each real number x to its square x^2. The output of a function f corresponding to an input x is denoted by f(x).

03:18

03:47

For each demand equation, …

04:14

03:48

here we have data describing the demand and revenue function where we are now being asked to find the equation of best fit for this cortical data. So we want to find our best cortical function that fits. It's our best cortex fit. To do this, we can plug these data points into our graphing calculators into our stat edit functions. And by doing that, we can then go to our calculate and find core tech. By doing that, we'll find our calculators will give us an output of y is equal to 0.185 x to the fourth minus 0.2941 x cubed plus 0.9375 x squared plus one point 9002 x minus 1.7511 That is our quart IQ function of the data. And if you're curious, it also gave us an R squared value equal to 0.98 67 suggesting to us that about 98.67% of the variation in revenue can be explained by the demand

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