Use the same data as those given in problem 6 and perform the following tasks: a) Depict

Question:

Use the same data as those given in problem 6 and perform the following tasks:

a) Depict the price– demand relationship in a scatter plot.

b) Estimate a power price– response function using Excel’s solver.

c) Illustrate the estimated price– response function together with the scatterplot.

d) How would you assess the fit of the power price– response function to these data?

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