Demand Pricing
As a marketing manager, you wish to find a function that relates the demand D for men’s shirts per month and P the price of one shirt in dollars. Based on the price history, the following data were collected.
Price of One Shirt (P)
Demand (D)
19 49
21 46
22 45
22 42
26 41
28 38
29 33
Determine if the above relation (P, D) defines a function or not.
Using Excel, draw a scatter diagram of data. Using Excel, draw a scatter diagram of data. Click here (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 of 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 per month will be demanded if the price is $27?
Requirements:
Your paper should be 2-3 pages in length (not counting the title page and references page) and cite and integrate at least one credible outside source. The CSU Global Library (Links to an external site.) is a great place to find resources. Your textbook is a credible resource.
Include a title page, introduction, body, conclusion, and a reference page.
The introduction should describe or summarize the topic or problem. It might discuss the general applications of the topic or it might introduce the unique terminology associated with the topic.
The body of your paper should address 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.
The conclusion should summarize your thoughts about what you have determined from your analysis in completing the assignment. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
Include any tables of data or calculations, calculated values, and/or graphs referenced in the paper. (Note: The minimum required length excludes any tables, graphs, etc.)
Document formatting, citations, and style should conform to APA style and examples can be found in the following links:
Citing and APA Resources (Links to an external site.): document formatting, citations, and style
New Sample APA Paper (Links to an external site.): A short summary containing much that you need to know about paper formatting, citations, and references
CSU Global Writing Center (Links to an external site.): many helpful areas, such as: Writing Center, Writing Tips, Template Examples/Papers Essays, and others
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