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10-55) A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The file P10_50.xlsx contains the price of a set of clubs and the monthly sales.
Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best?
Interpret your best-fitting equation.
Using the best-fitting equation, predict sales during a month in which the price is $470.
In the discussion area, attach the Excel document showing work.
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Price
$400
$420
$440
$460
$500
$380
$290
$340
$220
$700
Demand
20,000
19,000
17,000
16,000
14,000
22,000
31,000
26,000
41,000
6,000
This is fictitious data.
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excel
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