Using technology, the quadratic regression function which models the data in the form ax² + bx + c is written thus ;
- f(x) = -147.30x² + 3231.00x - 8213.66
- Profit earned on $10.25 is $9428.38
The quadratic regression function is a polynomial of degree 2. Where, x represents the widget selling price and y represents the total profit earned.
The predicted profit made on a widget selling price of $10.25 can be calculated by substituting x = 10.25 into the equation :
f(10.25) = -147.30(10.25)² + 3231.00(10.25) - 8213.66
f(10.25) = 9428.38
Therefore, the widget selling price is $9428.38
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