The price P per unit at which a company can sell all that it produces is given by the function P(x) = 300 — 4x.


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Quantitative Methods

CASE STUDY (20 Marks)

The price P per unit at which a company can sell all that it produces is given by the function P(x) = 300 — 4x. The cost function is c(x) = 500 + 28x where x is the number of units produced. Find x so that the profit is maximum.

Answer the following question.

Q1. Find the value of x.

Q2. In using regression analysis for making predictions what are the assumptions involved.

Q3. What is a simple linear regression model?

Q4. What is a scatter diagram method?

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