As a manager, you have the following data collected by your data analyst regarding the price and quantity demanded:
Price of One Shirt (P)
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.
- Your paper should be 2-3 pages (not counting the title page and references page) and cite and integrate at least one credible outside source. The CSU Global Library (Links to an external site.) is a great place to find resources. Your textbook is a credible resource.
- Include a title page, introduction, body, conclusion, and a reference page.
- The introduction should describe or summarize the topic or problem. It might discuss the general applications of the topic or it might introduce the unique terminology associated with the topic.
- The body of your paper should address the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment.
- The conclusion should summarize your thoughts about what you have determined from your analysis in completing the assignment. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.