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As a manager, you have the following data collected by your data analyst regarding the price and quantity demanded:
Demand (D) Price of One Shirt(P)
152 2300
159 2000
164 1700
171 1500
176 1300
180 1200
189 1000
Note that you are asked to use a graphing utility in this assignment. A recommended online utility is https://www.desmos.com/calculator. It allows graphing and then copying and posting into a Word document.
Using a graphing utility, draw a scatter diagram with price as a function of demand.
Using a graphing utility, build a logarithmic model from the data.
Graph the logarithmic function in the scatter diagram.
Use the function you found above to predict the number of quantities that will be demanded if the price is $1750.
Use the function you found in #2 to predict the price, if the quantity demanded is 174.
All must be put in a word document to turn in.
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