According to basic economics, as the demand for a product increases, the price will
Chapter 0, Problem 36(choose chapter or problem)
According to basic economics, as the demand for a product increases, the price will decrease. Listed below is the number of units demanded and the price. a. Determine the correlation between price and demand. Plot the data in a scatter diagram. Does the relationship seem to be linear? b. Transform the price to a log to the base 10. Plot the log of the price and the demand. Determine the correlation coefficient. Does this seem to improve the relationship between the variables?
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