Connie Jefferson is the primary flower dealer in her hometown ofSan Flores. Connie has watched the sales volume of her favoriteflower, the yellow rose, change over the past 10 weeks. The changesare due to an experiment that Connie is conducting. She has beentold that she could sell more roses by reducing the price, andConnie tends to agree. In her experiment, Connie has set out todetermine the relationship between the price charged for yellowroses and the quantity demanded. Over the past 10 weeks, Connie hascarefully tracked the selling price of her roses and the quantitysold. Her data are as follows:
Week | Price | Quantity Sold |
1 | $30 | 50 |
2 | 8 | 270 |
3 | 10 | 240 |
4 | 27 | 90 |
5 | 25 | 110 |
6 | 21 | 130 |
7 | 12 | 200 |
8 | 15 | 190 |
9 | 19 | 160 |
10 | 20 | 150 |
a. Develop a leastsquares regression equation that shows the relationship betweenthe
quantity of roses sold and the price charged.
b. If Connie setsthe price at $17, what should be the demand for her roses?
c. Discussthe use of this modeling process in a different businesssetting.
