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.
Homework Answers
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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