Use a Graphing Calculator to Plot the Data and Find

question 37

Multiple Choice

Use a graphing calculator to plot the data and find the quadratic function of best fit.
-Southern Granite and Marble sells granite and marble by the square yard. One of its granite patterns is price sensitive. If the price is too low, customers perceive that it has less quality. If the price is too high, customers
Perceive that it is overpriced. The company conducted a pricing test with potential customers. The following
Data was collected. Use a graphing calculator to plot the data. What is the quadratic function of best fit? $$\begin{array} { l | l } \text { Price, x } & \text { Buyers, B } \\\hline \$ 20 & 30 \\\$ 30 & 50 \\\$ 40 & 65 \\\$ 60 & 75 \\\$ 80 & 72 \\\$ 100 & 50 \\\$ 110 & 25\end{array}$$

• A) B(x) = 0.0243x² - 3.115x - 22.13
• B) B(x) = -0.0243x² + 3.115x + 22.13
• C) B(x) = -0.0243x² + 3.115x - 22.13
• D) B(x) = -0.243x² + 3.115x - 22.13

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Definitions:

Population Parameter

A numerical value that represents a characteristic of an entire population, such as its mean or standard deviation.

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly the mean; it is used to estimate the accuracy of a sample mean compared to the population mean.

Confidence Interval

A range of values, derived from sample statistics, that is believed to contain the true value of a population parameter with a certain level of confidence.

Mean

Refers to the arithmetic average of a dataset, computed as the sum of all the numerical values divided by the count of values in the dataset.