Complete the below problem using the attached set of data. Please, no outside programs, all formulas must be intact.

I’m studying for my Statistics class and don’t understand how to answer this. Can you help me study?

A golf club manufacturer is trying to determine how the price of a set of clubs affects the demand for clubs. The attached file contains the price of a set of clubs and the monthly sales.

  1. Assume the only factor influencing monthly sales is price. Fit the following three curves to these data: linear (Y = a + bX), exponential (Y = abX), and multiplicative (Y = aXb). Which equation fits the data best?
  2. Interpret your best-fitting equation.
  3. Using the best-fitting equation, predict sales during a month in which the price is $470.

Provide a short description of the tools used and why this was the “best-fitting equation”

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