Use the following chart to complete this exercise.Q represents the quantity demanded and P represents the price level.
a)Graph the data using a spreadsheet such as Microsoft Excel or Apple Numbers.
b)Using the regression tool in Excel,regress price on quantity.
c)Using your equation,if the price per cookie was 30¢,what is the consumer surplus?
d)What is the elasticity of demand at this point?
Definitions:
Total Sum of Squares
The sum of squared differences between each observation and the overall mean, a measure of total variation within a dataset.
Larger
In a statistical context, this could refer to a value or effect size that is greater in magnitude compared to another value or effect size.
Total SS
Stands for the total sum of squares in statistics, which measures the total variation in a dataset.
Coefficient of Determination
A statistical measure represented by R^2 that indicates the proportion of the variance in the dependent variable predictable from the independent variable(s).
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