The Monthly Demand for a Certain Brand of Table Wine

question 255

Short Answer

The monthly demand for a certain brand of table wine is given by the demand equation
​ where p denotes the wholesale price per case (in dollars) and x denotes the number of cases demanded.
​
Find the rate of change of the price to the nearest hundredth of a cent per case when x = 1,000.
​
__________ cents per case
​
What is the price per case when x = 1,000.
​
$__________ / case

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Definitions:

Prediction Interval

A range of values within which a future observation is expected to fall, with a certain probability.

Confidence Interval

A spread of values obtained from statistical scrutiny of samples, presumed to potentially contain the value of an undetermined population parameter.

Confidence Interval Estimate

An interval of values calculated from a sample that is expected to include the value of an unseen population parameter, with a certain degree of confidence.

Prediction Interval

An estimate of an interval in which future observations will fall, with a certain probability, given what has already been observed.