Question

the graph annd grid should help with parts C and d

12:35 1 Answer 1 of 1 Done Scatterplot of Demand vs Price b) From the given data, we calculate the below values. Point Demand (x) Price (P) 2 A 16 240 56 114 300 1 96 12350144 15280525 11370 121 260 400 1800 1342 P 3840 14200 4200 4200 4070 5200 25710 38

Answer 1

Determine a demand function by finding the regression line for the given data Solh, First we will find regression line for the given data The Equation of regression line : Y = a +bxectrees Where, ben (Exy) - (Ex) (sy) 18 next de Exp². Here since in scatter Demand is on x-aris and Price is on y-aris So bem Ex P) -(EX) (EP) tln & x² - ({x)2 818 Given that {XP = 257 10 l C - en Ex = 88 x E p = 1800. 0 { x² = 1342 ht . n = 6 (The no. of data points to b- 6x1800 8 8 x 1800

-F14446666667 b= 6 x 257 10 - 8 8 x 1800 6X 1342 - (8812 = 154.260 - 158400 8052 - 7744 - 4 140 = -1 3.44 308 And a= ŭ - bx Here a=P - 6x x = 2X = 88 – 14.67 PEP = 1800 = 300 OO a = 300 - (-13.44)x14.67 - 300 + 197.16 . = 497.16 Hence the regression line - 4 = a + bx y = 497.16-13.448 So by using this regression line the demand function: 1(x) = 497.16-13.44%

the demand function graph as on the same n scatter b) Graph plot E ( 11,349.32) 1 340 t 7 (12,335.88 100 t B(14,309) .D(15,295.56) A(16, 282.12) not 240 F( 20,228-36) 220+ 2001 22 for 12 14 16 18 20 Demands Afde x=16, Price, D(x) = 497.16-13.440 - 4 97116 - 13.44X16 = 282.12 2011

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