Sign In
Not register? Register Now!
Essay Available:
Pages:
2 pages/≈550 words
Sources:
2 Sources
Level:
APA
Subject:
Mathematics & Economics
Type:
Math Problem
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 8.64
Topic:

Economics Math: Correlations / Linear & Multiple Regression (Math Problem Sample)

Instructions:

Complete Problem 50 in Chapter 10 on page 477.
0-55) A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The file P10_50.xlsx contains the price of a set of clubs and the monthly sales.
Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best?
Interpret your best-fitting equation.
Using the best-fitting equation, predict sales during a month in which the price is $470.
In the discussion area, attach the Excel document showing work.
Please provide step by step instructions

source..
Content:


Correlations/Linear & Multiple Regression
Name
Institution
Date
A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The file P10_50.xlsx contains the price of a set of clubs and the monthly sales. Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best?Interpret your best-fitting equation.
Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best? 470.
Linear (Y = a + bX)
Regression line equation: y=50579.32-70.79x
Where Y is demand and x is price
When price is $ 470 the sales is 50579.32-70.79x=17,308
SUMMARY OUTPUT











Regression Statistics





Multiple R

0.948677





R Square

0.899989





Adjusted R Square

0.887488





Standard Error

3251.334





Observations

10











ANOVA






 

df

SS

MS

F

Significance F

Regression

1

7.61E+08

7.61E+08

71.99113

2.85239E-05

Residual

8

84569378

10571172



Total

9

8.46E+08

 

 

 







 

Coefficients

Standard Error

t Stat

P-value

 

Intercept

50579.32

3612.023

14.00304

6.56E-07


X Variable 1

-70.7935

8.343613

-8.48476

2.85E-05

 

Exponential (Y = abX)
To get the equation We take the natural logarithms of the Y values ro give the model
Ln(Y)= 11.51-0.00399X
Y=e

...
Get the Whole Paper!
Not exactly what you need?
Do you need a custom essay? Order right now:

Other Topics:

  • Introduction to Probability
    Description: Problems need to include all required steps and answers for full credit. All answers need to be reduced to lowest terms where possible....
    10 pages/≈2750 words | No Sources | APA | Mathematics & Economics | Math Problem |
  • Basic Statistics Module 2 Case
    Description: Therefore, measure of central tendency is a single value that describes a given set of data by sorting out the central position within that set of data...
    10 pages/≈2750 words | No Sources | APA | Mathematics & Economics | Math Problem |
  • Case Measures of Central Tendency
    Description: The measures of central tendency are measures of location and include the mean, mode and median and all are suitable under different situations....
    10 pages/≈2750 words | No Sources | APA | Mathematics & Economics | Math Problem |
Need a Plagiarism Free Essay?
Submit your instructions!