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Demand and Pricing – Algebra

Question Description

As a marketing manager, you wish to find a function that relates the demand D for men’s shirts, and P the price of one shirt. Based on the price history, the following data were collected.

Price of One Shirt (P)

Demand (D)

28.8

56

29

53

31

51

31

49

33

47

34.5

44.5

36

41

  • Determine if the above relation (P, D) defines a function or not?
  • Using Excel, draw a scatter diagram of data. Click here (Links to an external site.)Links to an external site. for a video explanation on how to create a scatter plot and linear regression.
  • Using Excel, find the line of the best fit the models.
  • Add this line in the scatter diagram.
  • Interpret the slope and y-intercept of this equation.
  • Express this equation as a function D of P and find its domain.
  • How many shirts will be demanded if the price is $40?

Requirements:

  1. Paper must be written in 3rd
  2. Your paper should be 4-5 pages in length (counting the title page and references page) and cite and integrate at least one credible outside source.
  3. Include a title page, introduction, body, conclusion, and a reference page.
  4. The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.
  5. The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment.
  6. The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
  7. Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.
  8. Document formatting, citations, and style should conform to APA style

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