Exhibit 16.2.Typically,the sales volume declines with an increase of a product price.It has been observed,however,that for some luxury goods the sales volume may increase when the price increases.The following Excel output illustrates this rather unusual relationship. 
Refer to Exhibit 16.2.Using the quadratic equation,predict the sales if the luxury good is priced at $100.
Definitions:
Confidence Level
The probability that a statistical result is not due to chance, often expressed as a percentage.
Accuracy Level
The degree to which the result of a measurement, calculation, or specification conforms to the correct value or standard.
Sample Size
The number of observations or individuals taken from a population for the purpose of statistical analysis.
Sample Proportion
The sample proportion is a statistic that estimates the proportion of elements in a sample that have a particular attribute, characteristic, or outcome.
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