1. Business
  2. Economics
  3. a focus first on the case of massachusetts in august...

Question: a focus first on the case of massachusetts in august...

Question details

(a) Focus first on the case of Massachusetts in August 2017. Create a column in Excel that is the natural logarithm of price. Create a column in Excel that is the natural logarithm of quantity Make a graph with logarithm of price on the horizontal axis and logarithm of quantity on the vertical axis. Create a line of best fit through the points on this graph. (Note there are a zillion tutorials on youtube on how to do this.) What is the slope of this line?

1 Product Name 2 Nutmeg (16 oz) 3 Nutmeg (16 oz) 4 Nutmeg (16 oz) 5 Nutmeg (16 oz) 6 Nutmeg (16 oz) 7 Nutmeg (16 oz) 8 Nutmeg (16 oz) 9 Nutmeg (16 oz) 10 Nutmeg (16 oz) 11 Nutmeg (16 oz) 12 Nutmeg (16 oz) 13 Nutmeg (16 oz) 14 Nutmeg (16 oz) 15 Nutmeg (16 oz) 16 Nutmeg (16 oz) 17 Nutmeg (16 oz) 18 Nutmeg (16 oz) 19 Nutmeg (16 oz) 20 Nutmeg (16 oz) 21 Nutmeg (16 oz) 22 Nutmeg (16 oz) 23 Nutmeg (16 oz) 24 Nutmeg (16 oz) 25 Nutmeg (16 oz) 26 Nutmeg (16 oz) 27 Nutmeg (16 oz) 28 Nutmeg (16 oz) 29 Nutmeg (16 oz) Customer Location Day Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Year Price Quantity ugust 2 August ugust ugust ugust ugust 7 August ugust August 10 August 11 August 12 August ugust 14 August ugust August 17 August 18 August 19 August 20 August 21 August ugust August 24 August ugust 26 August ugust 28 August 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 10.99 11.99 10.99 69 11.99 10.99 11.99 11.99 10.99 11.99 10.99 10.99 11.99 13.59 10.99 10.99 11.99 11.99 116

30 Nutmeg (16 oz) 31 Nutmeg (16 oz) 32 Nutmeg (16 oz) 33 Nutmeg (16 oz) 34 Nutmeg (16 oz) 35 Nutmeg (16 oz) 36 Nutmeg (16 oz) 37 Nutmeg (16 oz]) 38 Nutmeg (16 oz) 39 Nutmeg (16 oz) 40 Nutmeg (16 oz) 41 Nutmeg (16 oz) 42 Nutmeg (16 oz) 43 Nutmeg (16 oz) 44 Nutmeg (16 oz]) 45 Nutmeg (16 oz) 46 Nutmeg (16 oz) 47 Nutmeg (16 oz) 48 Nutmeg (16 oz) 49 Nutmeg (16 oz) 50 Nutmeg (16 oz) 51 Nutmeg (16 oz]) 52 Nutmeg (16 oz) 53 Nutmeg (16 oz) 54 Nutmeg (16 oz) 55 Nutmeg (16 oz) 56 Nutmeg (16 oz) 57 Nutmeg (16 oz) 58 Nutmeg (16 oz) Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 2017 30 August 1 December 2 December 3 December 4 December 5 December 6 December 7 December 8 December 9 December 10 December 11 December 12 December 13 December 14 December 15 December 16 December 17 December 18 December 19 December 20 December 21 December 22 December 23 December 24 December 25 December 26 December 10.99 208 225

59 Nutmeg (16 oz) 60 Nutmeg (16 oz]) 61 Nutmeg (16 oz) 62 Nutmeg (16 oz) 63 Nutmeg (16 oz) Massachusetts Massachusetts Massachusetts Massachusetts Massachusetts 27 December 28 December 29 December 30 December 31 December 2017 2017 2017 2017 2017 10.99 11.99 13.59 13.59 11.99 172 128 129 121

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution