Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. statistics
  3. please show how to do in excel using log-log model

Please show how to do in Excel Using Log-log model to estimate the demand function Model: log(sales)...

50.1K

Verified Solution

Question

Statistics

  1. Please show how to do in Excel
  2. Using Log-log model to estimate the demand function
  • Model: log(sales) = a + b * log(price) + error
  • Explain the results in term of how price affects sales.
Market IDSalesPriceAdvertising
13672.2Yes
21652.7No
33662.4Yes
41482.9No
51522.8No
61982.2No
73902Yes
83672.3Yes
92102.1No
103532.7Yes
111512.8No
123482.6Yes
131682.6No
141472.9No
153512.6Yes

Answer & Explanation Solved by verified expert
3.9 Ratings (607 Votes)
SolTake the logarithms and take lnprice and ln sales in exceland drag for the entire dataThen go toInstall analysis tool pak in excelGo to    See Answer
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Biology
1.2K views

A.) List two general ways that phosphorylation by a kinase can promote intracellular signaling? B.) Explain why,...

Chemistry
1.2K views

H2A is a diprotic acid with Ka1+1.43 x 10^-3 and Ka2=2.01 x 10^-6. Consider the titration...

Biology
1.2K views

The question can be answered in a variety of ways. You are encouraged (and in some...

Physics
1.2K views

Using a programming language of your choice: 1) generate a range of wavelengths, 2) compute corresponding...

Psychology
1.2K views

-       The difference between sensation and perception. The difference between bottom-up and top-down processing, this is as...

Biology
1.2K views

What mechanism allows for a contraction of the highlighted cell O sliding filament O intercalated...

Physics
1.2K views

Two positive charges are kept at a 0 and a 0 A negative charge then...

Basic Math
1.2K views

With the given set of components, find R and ?Rx = -723, Ry= -201

Algebra
1.2K views

2 20 Points The population P of a town increases as the following equation P...

Accounting
1.2K views

Morty industries has projected sales of its product for the next 6 months:...

Accounting
1.2K views

Consider an asset with upfront cost of $39,865. The net revenue associated with it...

Accounting
1.2K views

ap world history questions ter 22: Transoceanic and Global Connections...