Need the right regresssion equation for best-fit function

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KMSBOWERS

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5 data points= (398 loaves of bread,$1.50) , (376,$2.00), (340,$2.50) , (259,$3.00), (220,$3.50) after making a scatter plot and finding Line of Best Fit, I get the equation y=5.73(x)-.0101 Is this right equation to find Revenue function R(x)? Ultimately I need to find the weekly revenue as a function of loaves (x) sold. for the equation is my constant correct (-.0101) or can I use one of the y-intercepts such as $1.50 or $2.00

I need to answer other questions but they depend on if I have the right equation and I am stuck
 
Re: Need the right equation for function

after looking at it again, I think my equation should be y=-.0101x+5.73, which would come close to satisfying my points (x,y) so if this is the case the quantity that maximizes revenue would be -(b/2a) or -(5.73/2(-.0202) which = 283.66. that would lead me to the next part which is maximum revenue and that would be R=-.0101(283.66)^2+5.73(283.66) which = $812.695 - if I am right so far, what price should be charged to maximize my revenue?
 
Re: Need the right equation for function

The second version is much better.

You must be rounding a little carelessly. I get 283.64, but, of course, one cannot sell such a number of loaves. Probably, one should decide if 283 or 284 is a better answer.

You substituted the value into your revenue equation to find the maximum revenue. Why nut substitute into the Loaves vs. Price equation (your "Line of Best Fit") to determine the optimum price?
 
Re: Need the right equation for function

thanks that is what I was looking for.
next i had to find the profit based on the equation P=R-C R=revenue and C=Cost
the equation I had for cost is C=1.182(x)=53.7 x being the number of loaves made.

I know the price I need to sell at to maximize revenue is $2.87 and that give me a profit of $1.69 based on the fact that it costs $1.182 to make 1 loaf.

How do I find the maximum profit and the amount I need to sell and produce to get that maximum profit?
 
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