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Typically, the sales volume declines with an increase of a product's 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. Using the quadratic equation, predict the sales if the luxury good is priced at $100.
Random Phenomenon
A process or event that occurs in a manner that the outcome is unpredictable and, in some cases, follows a probability distribution.
Maryland Powerball
A lottery game available in Maryland, part of the multi-state Powerball lottery in the United States.
Independent Trials
Experiments or tests in which the outcomes are not affected by previous results, ensuring each trial is conducted under similar but independent conditions.
Coin Flip
A basic randomness experiment or procedure that involves tossing a coin to choose between two possibilities, heads or tails, used for making decisions or determining probability.
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