Callaway Golf is trying to determine how the price of a set of clubs affects the demand for clubs. The file P14_48.xlsx contains the price of a set of clubs (in dollars) and the monthly sales (number of sets sold).
a. Assume the only factor influencing monthly sales is price. Fit the following two curves to these data: linear (Y = α + bX) and exponential (Y = αebX). Which equation best fits the data?
b. Interpret your best-fitting equation.
c. Using the best-fitting equation, predict sales during a month in which the price is $470.