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Which of the following types of fit should be selected in Excel's Trendline function if a...

Which of the following types of fit should be selected in Excel's Trendline function if a constant elasticity curve is to be used to model the demand?

Power

Exponential

Logarithmic

Polynomial
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Answer #1

Answer: (a) Power

Explanation: Excel has certain preprogrammed feature that helps in finding the best fitting equation. These features are in the form of models such as linear model, exponential model, polynomial model, logarithmic model and power model. For data sets where measurements that increase at a constant rate are compared, power model is the most appropriate. Therefore, for constant elasticity curve, power fit should be selected in Excel’s trendline function.

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