Use the same data as those given in problem 6 and perform the following tasks: a) Depict
Question:
Use the same data as those given in problem 6 and perform the following tasks:
a) Depict the price– demand relationship in a scatter plot.
b) Estimate a constant elasticity price– response function using the INTERCEPT and SLOPE functions in Excel based on log- transformed data.
c) Illustrate the estimated price– response function together with the scatterplot.
d) How would you assess the fit of the constant elasticity price– response function to these data?
Step by Step Answer:
Related Book For
Question Posted: