Option #2: Quantity and Pricing

As a manager, you have the following data collected by your data analyst regarding the price and quantity demanded.

Price |
Quantity Demanded |

3500 |
3270 |

3300 |
3796 |

3100 |
4355 |

2900 |
4951 |

2800 |
5265 |

2650 |
5757 |

2400 |
6640 |

- 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 in the second bulleted item to predict the number of quantities that will be demanded if the price is $1750. Round to the nearest whole number.
- Use the function you found in in the second bulleted item to predict the price, if the quantity demanded is 174. Round to the nearest whole number.

**Requirements:**

- Paper must be written in 3rd
- Your paper should be 4-5 pages in length (counting the title page and references page) and cite and integrate at least one credible outside source.
- Include a title page, introduction, body, conclusion, and a reference page.
- The introduction should describe or summarize the topic or problem. It might discuss the importance of the topic or how it affects you or society as a whole, or it might discuss or describe the unique terminology associated with the topic.
- The body of your paper should answer the questions posed in the problem. Explain how you approached and answered the question or solved the problem, and, for each question, show all steps involved. Be sure this is in paragraph format, not numbered answers like a homework assignment.
- The conclusion should summarize your thoughts about what you have determined from the data and your analysis, often with a broader personal or societal perspective in mind. Nothing new should be introduced in the conclusion that was not previously discussed in the body paragraphs.
- Include any tables of data or calculations, calculated values, and/or graphs associated with this problem in the body of your assignment.
- Document formatting, citations, and style should conform to the APA standard.