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

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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
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