Question

Suppose you use Excel’s Chart feature to fit an exponential       model in x= f(p) form to...

Suppose you use Excel’s Chart feature to fit an exponential

      model in x= f(p) form to your product’s Demand data.  If the model is x=  

      2,306.4(e)–0.002(p), with (R2) = 0.7401…

       a.  …estimate the Demand “x” associated with a unit price “p” of $400.

       b.   …estimate the unit price “p” associated with a Demand “x” of 1,700units.

Math   Statistics-And-Probability   
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Answer #1

the estimated equation of demand is

whete x= demand and p=price

a. The value of x when p=400 is

ans:  the Demand “x” associated with a unit price “p” of $400 is 1036.3323 units (or 1036 units if rounded to the nearest whole number)

b. If demand X=1700, we can get the value of p using

ans:  the unit price “p” associated with a Demand “x” of 1,700 units is $152.53

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