28 Jun Sales and prices of a new package delivery service
Question
Sales and prices of a new package delivery service offered by a logistics company for the first 29 weeks are given below. Estimate the appropriate demand function for sales using regression analysis to obtain an estimate of price elasticity. What recommendation would you make to the company based on your estimation?
Package Delivery Service
Week
Unit Sales
Price
1
140
5.00
2
195
5.00
3
268
5.00
4
481
5.00
5
411
5.00
6
481
5.00
7
525
8.50
8
527
8.50
9
547
8.50
10
502
8.50
11
511
8.50
12
534
8.50
13
559
10.00
14
575
10.00
15
592
10.00
16
661
10.00
17
764
10.00
18
794
10.00
19
805
11.50
20
745
11.50
21
859
11.50
22
982
11.50
23
987
11.50
24
1034
11.50
25
1090
11.50
26
1156
11.50
27
1194
12.50
28
1370
12.50
29
1304
12.50
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