Question Details

(solution) Firm Chair Company manufactures customized wood furniture and


Firm Chair Company manufactures customized wood furniture and sells the furniture in large quantities to major furniture retailers. Imagine that you have recently been assigned to analyze the company?s pricing policy. You have been told that quantity discounts were usually given. For example, for one type of chair, the pricing changed at quantities of 200 and 400 ? that is, these were the price breaks, where the marginal cost of the next chair changed. For this type of chair, the file ?FirmChair.xlsx? contains the quantity and total price to the customer for 81 orders. Use regression to discover the pricing structure that Firm Chair evidently used.

  • (Note: A linear regression of Total Price versus Quantity will give you a ?decent? fit, but you can do much better by introducing appropriate variables into the regression.)

This isis fictitious

 

fictitious data.

 

data.

 

This Order

 

1

 

2

 

3

 

4

 

5

 

6

 

7

 

8

 

9

 

10

 

11

 

12

 

13

 

14

 

15

 

16

 

17

 

18

 

19

 

20

 

21

 

22

 

23

 

24

 

25

 

26

 

27

 

28

 

29

 

30

 

31

 

32

 

33

 

34

 

35

 

36

 

37

 

38

 

39

 

40

 

41

 

42

 

43

 

44

 

45 Quantity Total Price

 

270

 

35746

 

310

 

39495

 

280

 

35518

 

310

 

43012

 

250

 

29306

 

160

 

22715

 

230

 

28768

 

270

 

34435

 

230

 

30085

 

270

 

35890

 

130

 

19238

 

260

 

33981

 

350

 

44688

 

130

 

19952

 

330

 

42478

 

230

 

30846

 

540

 

60176

 

210

 

26770

 

190

 

27907

 

210

 

25924

 

160

 

23625

 

320

 

40712

 

150

 

22455

 

180

 

26590

 

150

 

22916

 

160

 

24881

 

360

 

46604

 

160

 

24246

 

220

 

27874

 

250

 

33024

 

200

 

29647

 

130

 

19164

 

440

 

46810

 

180

 

27987

 

160

 

24904

 

180

 

27318

 

410

 

45428

 

280

 

36304

 

390

 

51396

 

150

 

23680

 

120

 

17163

 

130

 

19117

 

320

 

42115

 

130

 

18408

 

190

 

29253 The quantity

 

quantity breaks

 

breaks are

 

are

 

The

 

at 200

 

200and

 

and400.

 

400.

 

at 46

 

47

 

48

 

49

 

50

 

51

 

52

 

53

 

54

 

55

 

56

 

57

 

58

 

59

 

60

 

61

 

62

 

63

 

64

 

65

 

66

 

67

 

68

 

69

 

70

 

71

 

72

 

73

 

74

 

75

 

76

 

77

 

78

 

79

 

80

 

81 220

 

180

 

90

 

270

 

500

 

420

 

480

 

250

 

170

 

240

 

440

 

370

 

400

 

130

 

390

 

90

 

130

 

530

 

340

 

550

 

310

 

280

 

300

 

160

 

480

 

150

 

270

 

230

 

240

 

360

 

240

 

320

 

360

 

300

 

440

 

140 30552

 

28295

 

13230

 

34706

 

56097

 

47204

 

53185

 

32896

 

26183

 

31980

 

50069

 

47496

 

51804

 

17672

 

49889

 

14518

 

19008

 

60239

 

44112

 

60294

 

41815

 

37764

 

39587

 

26369

 

53732

 

21321

 

37110

 

30061

 

31763

 

45239

 

31199

 

42731

 

46379

 

39035

 

47790

 

22735

 


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DATE ANSWERED

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