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Regression that specifies natural log of cars

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Reference no: EM13839594

Using the data file (LightUpTempF2015Short2.syz or the Excel equivalent)run a regression that specifies Natural Log of Cars= f(Natural Log of Price). Extract and specify the equation.

Using the double log equation you specified predict the quantity of Cars through the gate at prices of:

$8

$8.50

$9

Compute the arc price elasticity of demand in the price range $8 to $9.

Compute the point price elasticity of demand at a price of $8.50.

Based on the previous answer, to increase revenue should the price be increased from $8 to $8.50?

In terms of elasticity, why or why not?

Attachment:- LightUpTempF2015Short2.syz

Attachment:- LightUpTempF2015Short2.xls

Reference no: EM13839594

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