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The table shows the profit y (in thousands of dollars) that a company made during a month when the ...

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The table shows the profit y (in thousands of dollars) that a company made during a month when the ...

The table shows the profit y (in thousands of dollars) that a company made during a month when the price of its product was x dollars per unit.

a. Fit the model y = β₀ + β₁x + β₂x2 + ε to the data and give the least squares prediction equation.
b. Plot the fitted equation on a scattergram of the data.
c. Is there sufficient evidence of downward curvature in the relationship between profit and price? Use

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Statistics

Edition: 12^th

Authors: McClave, Sincich, Tamarack

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