Quantity and Pricing
As a manager, you have the following data collected by your data analyst regarding the price and quantity demanded:
Price of One Shirt (P)
Demand (D)
2300 152
2000 159
1700 164
1500 171
1300 176
1200 180
1000 189
Note that you are asked to use a graphing utility in this assignment. A recommended online utility is https://www.desmos.com/calculator (Links to an external site.). It allows graphing and then copying and posting into a Word document.
Using a graphing utility, draw a scatter diagram with price as a function of demand.
Using a graphing utility, build a logarithmic model from the data.
Graph the logarithmic function in the scatter diagram.
Use the function you found above to predict the number of quantities that will be demanded if the price is $1750.
Use the function you found in #2 to predict the price, if the quantity demanded is 174.
