Typically, the sales volume declines with an increase of a product price. It has been observed, however, that for some luxury goods the sales volume may increase when the price increases. The following scatterplot illustrates this rather unusual relationship. For which of the following two prices are the sales predicted by the quadratic regression equation equal 1700 units?
A) 60.51 and 150.15
B) 61.51 and 151.15
C) 62.51 and 152.15
D) 63.51 and 153.15

Question

Typically, the sales volume declines with an increase of a product price. It has been observed, however, that for some luxury goods the sales volume may increase when the price increases. The following scatterplot illustrates this rather unusual relationship.  For which of the following two prices are the sales predicted by the quadratic regression equation equal 1700 units?
A) 60.51 and 150.15 
B) 61.51 and 151.15 
C) 62.51 and 152.15 
D) 63.51 and 153.15

Quizplus · Accepted Answer

The Answer of Typically, the sales volume declines with an increase of a product price. It has been observed, however, that for some luxury goods the sales volume may increase when the price increases. The following scatterplot illustrates this rather unusual relationship.  For which of the following two prices are the sales predicted by the quadratic regression equation equal 1700 units?
A) 60.51 and 150.15 
B) 61.51 and 151.15 
C) 62.51 and 152.15 
D) 63.51 and 153.15

Typically, the Sales Volume Declines with an Increase of a Product