Please answer all i will rate Sample Problem: Estimate the demand function for the case below.The manager of a jeans manufacturing company knows that a large budget tottelevision advertising of the company's product will create a demand amongbuyers in their boutiques found in malls. The following table shows the pesos(in thousands) spent for advertising the line of jeans over the past eight yearsand the number of pairs of jeans sold (in thousand).Amount in Pesos spent onNumber of pairs of pantssold (in 000s)YearTV Advertisng (in 000s)2010P500.00452011P650.00602012P750.00802013P1000.00952014P1250.001202015P1400.001502016P1700.001452017P1950.00190 Here are some guide questions that will help you determine the demandfunction:1. Which do you think shall serve as independent variable? Howabout dependent variable? Why?2. Draw a scatterplot depicting the relationship between time and sales.3. Determine each of the following:a.72totaloFEy?b.tubloFC.Exy"d.e.£ (Ex)* =h. y1.j.1 Develop the demand equation using your answers in part 2.Interpret coefficients a and B.4. Forecast the demand for 2018, 2019, and 2020 based on the demandfunction that you have estimated.11

Answered: 1. Which do you think shall serve as…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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1. Which do you think shall serve as independent variable? How about dependent variable? Why? 2. Draw a scatterplot depicting the relationship between time and sale 3. Determine each of the following: a. n