Consider the following price-demand data for a given product: [5]

Price	Quantity
5	25,291
10	22,265
15	18,273
20	8,874
25	2,513

Depict the price-demand relationship in a scatter plot. [1]

Estimate a logit price-response function using Excels Solver add-in. Simply write down the values of the parameters (use THREE decimals for a and b). Remember that the logit price-response function has the following form: Q=Cea+bp1+ea+bp [3]

C =

a =

b =

Depict the price-demand relationship and the logit function in the same graph. [1]