Reference no: EM131357034
Complete Problem 50 in Chapter 10 on page 477.
A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The file P10_50.xlsx contains the price of a set of clubs and the monthly sales.
Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best?
Interpret your best-fitting equation.
Using the best-fitting equation, predict sales during a month in which the price is $470.
In the discussion area, attach the Excel document showing work.
Also Please show the work in EXCEL
PLEASE USE THE REQUESTED REFERENCE.
Albright, S. C, & Winston, W. L. (2017). Business Analytics: Data Analysis and Decision Making (6th ed.). Boston, MA: Cengage Learning
Chapter 10: Regression Analysis: Estimating Relationships
Chapter 11: Regression Analysis: Statistical Inference
Chapter 12: Time Series Analysis and Forecasting