A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in battery operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. Use the Excel trendline option to estimate a linear demand function and to determine the associated R² statistic. (Hint: Using Excel's scatterplot with trendline functionality, list price in the first column and quantity in the second column. Price will appear on the horizontal axis in this case.) The linear demand function is p. (Enter your responses rounded to two decimal places.)

A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in battery operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. Use the Excel trendline option to estimate a linear demand function and to determine the associated R² statistic. (Hint: Using Excel's scatterplot with trendline functionality, list price in the first column and quantity in the second column. Price will appear on the horizontal axis in this case.) The linear demand function is p. (Enter your responses rounded to two decimal places.)

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter4: Estimating Demand

Section: Chapter Questions

Problem 1.1CE

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