Use simple regression on the data in the spreadsheet to come up with a mathematical expression for the demand curve for your product.

Using your regression equation, calculated the expected quantity and the price elasticity of demand at each of the following price points: $20, $25, $30, $35, $40, $45 $50. Identify which prices are in the elastic range and which are in the inelastic range. Assume your company is currently selling shirts for $25 each. Should they increase or decrease their price in order to maximize total revenue? Why? According to your regression results, at which price ($20, $25, $30, $35, $40, $45, $50) is total revenue maximized?

P Q 50 165 45 210 40 270 35 300 35 270 35 315 35 240 30 375 30 345 30 354 25 390 25 405 25 401 20 439 20 430 20 442