Question: Hello I ' m struggling with part d . ive attached an image of the question. can you please show me how to solve for

Hello I'm struggling with part d. ive attached an image of the question. can you please show me how to solve for question d using goal seek step by step and exactly which coloums i need to select in order to acieve the correct answer.
1. For a set of data, the price of the product ($), the corresponding demand quantity, and supply quantity are as follows:
\table[[Price,\table[[Demand],[Quantity]],\table[[Supply],[Quantity]]],[1.75,410,85],[1.9,370,95],[2.1,320,110],[2.25,285,125],[2.5,240,140],[2.75,210,155],[3,190,175],[3.1,180,180],[3.5,150,210],[3.75,130,235],[4,110,260],[5,80,300],[7,20,400]]
a) Plot the scatter diagrams both price versus demand and price versus supply.
b) From the scatter plots estimate:
i. Price equilibrium 3.1-3.3
ii. Quantity equilibrium 180-190
c) Fit the two parabolas of the form y=ax2+bx+c to the given data for both the demand and supply.
833
d) From the above two equations find the price equilibrium using goal seeker.
\table[[a,18.573,-4.1367,22.7097],[b,-227.94,96.735,-324.675],[c,718.68,-74.526,793.206]]
goal seeker
price
Demand-supply
Hello I ' m struggling with part d . ive attached

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!