• Callaway Golf is trying to determine how the price of a set of clubs affects the demand for clubs. The file P13_37.xlsx contains the price of a set of clubs (in dollars) and the monthly sales (number of sets sold).

  1. Assume the only factor influencing monthly sales is price. Fit the following two curves to these data: linear and exponential . Which equation best fits the data?

  2. Interpret your best-fitting equation.

  3. Using the best-fitting equation, predict sales during a month in which the price is $470.

  Price	Demand
  $400	20,000
  $420	19,000
  $440	17,000
  $460	16,000
  $500	14,000
  $380	22,000
  $290	31,000
  $340	26,000
  $220	41,000
  $700	6,000

  
  

 

Answer rating: 100% (QA)

Answer To solve this problem I will first fit a linear and an exponential model to the given data th... View the full answer