Consider the file demand.xlsx which contains the demand observed for different levels of pricing for a product. Produce a scatter plot of demand vs price. Use trendline to fit a linear and a power function to estimate demand as a function of price. price demand 18.05 1490 13.17 4094 15.17 2784 16.83 2888 18.64 1334 11.95 3573 14.88 2961 17.04 1790 14.15 3664 17.56 1632 20.1 1564 10.21 5583 14.1 2767 13.64 3686 11 3002 20.16 1316 13.47 3661 15.77 479 17.7 1612 15.58 3287 14.33 3750 18.91 1245 20.77 1415 11.83 4643 12.32 3942 20.13 1558 12.71 4045 16.04 2843 13.99 3332 17.97 2373 12.61 3357 13.66 2884
Consider the file demand.xlsx which contains the demand observed for different levels of pricing for a product. Produce a scatter plot of demand vs price. Use trendline to fit a linear and a power function to estimate demand as a function of price. price demand 18.05 1490 13.17 4094 15.17 2784 16.83 2888 18.64 1334 11.95 3573 14.88 2961 17.04 1790 14.15 3664 17.56 1632 20.1 1564 10.21 5583 14.1 2767 13.64 3686 11 3002 20.16 1316 13.47 3661 15.77 479 17.7 1612 15.58 3287 14.33 3750 18.91 1245 20.77 1415 11.83 4643 12.32 3942 20.13 1558 12.71 4045 16.04 2843 13.99 3332 17.97 2373 12.61 3357 13.66 2884
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider the file demand.xlsx which contains the demand observed for different levels of pricing for a product.
-
- Produce a scatter plot of demand vs price.
- Use trendline to fit a linear and a power function to estimate demand as a function of price.
price | demand | |
18.05 | 1490 | |
13.17 | 4094 | |
15.17 | 2784 | |
16.83 | 2888 | |
18.64 | 1334 | |
11.95 | 3573 | |
14.88 | 2961 | |
17.04 | 1790 | |
14.15 | 3664 | |
17.56 | 1632 | |
20.1 | 1564 | |
10.21 | 5583 | |
14.1 | 2767 | |
13.64 | 3686 | |
11 | 3002 | |
20.16 | 1316 | |
13.47 | 3661 | |
15.77 | 479 | |
17.7 | 1612 | |
15.58 | 3287 | |
14.33 | 3750 | |
18.91 | 1245 | |
20.77 | 1415 | |
11.83 | 4643 | |
12.32 | 3942 | |
20.13 | 1558 | |
12.71 | 4045 | |
16.04 | 2843 | |
13.99 | 3332 | |
17.97 | 2373 | |
12.61 | 3357 | |
13.66 | 2884 | |
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