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3. consider the following three market price data a enter the...

# Question: consider the following three market price data a enter the...

###### Question details

Consider the following three market price data.

(a) Enter the following sales data using Excel.

 sales = x1 sales = x2 sales = x3 Price A ($) 10 10 10 100 10 10 13 99 10 10 15 98 12 10 10 98 12 12 10 97 12 14 10 95 14 10 10 94 (b) Use LINEST to find a linear price function for the above data for three markets. (Note: You will be using the format (Price = b + m1*x1 + m2*x2 + m3*x3) where Price = P(x1, x2, x3) and the values for b, m1, m2, and m3 are all numerical values. Enter all values correct to 2 decimal places.) P(x1, x2, x3) = + *x1 + *x2 + *x3 (c) Use the values for b and the three slopes to predict the price when the sales are x1 = 15, x2 = 20, and x3 = 15. P(15, 20, 15) =$

(d) Repeat (a) - (c) when one additional price data is used where x1 = 14, x2 = 12, x3 = 12 and Price A = $89. (Note: Add this new information into your spreadsheet by adding an extra row at the bottom.) New linear price function P(x1, x2, x3) = + *x1 + *x2 + *x3 New price prediction P(15, 20, 15) =$

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