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A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in battery operated warming panels. At
A producer of outdoor clothing used a focus group to obtain information about the demand for fleece jackets with built-in battery operated warming panels. At prices of $100, $90, $80, $70, $60, and $50, the focus group demanded 23, 31, 40, 44, 48, and 60 jackets, respectively. Use the Excel trendline option to estimate a linear demand function and to determine the associated R statistic. (Hint: Using Excel's scatterplot with trendline functionality, list price in the first column and quantity in the second column. Price will appear on the horizontal axis in this case.) The linear demand function is Q = p. (Enter your responses rounded to two decimal places.) The corresponding R- value is (Enter your response rounded to two decimal places.)
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