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.

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 logit price– response function using Excel’s solver add- in.

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

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

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