Exhibit 16.2.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 Excel output illustrates this rather unusual relationship. Refer to Exhibit 16.2.For which two prices are the sales predicted by the quadratic equation are 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

Exhibit 16.2.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 Excel output illustrates this rather unusual relationship.  Refer to Exhibit 16.2.For which two prices are the sales predicted by the quadratic equation are 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

Looking at the table, we can see that for the predicted sales volume of 1700 units, the corresponding "Price" value is 61.51 and 151.15, which is closest to option B.