Correlations/Linear & Multiple Regression

must be done in excel and must show work 

A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. attachment contains the price of a set of clubs and the monthly sales.  

 

a. 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? 

b. Interpret your best-fitting equation.  

c. Using the best-fitting equation, predict sales during a month in which the price is $470. 

Data

6,000

Price	Demand
$400	20,000
$420	19,000
$440	17,000
$460	1	6,000
$500	14,000
$380	22,000
$290	31,000
$340	26,000
$220	41,000
$700

This is fictitious data.