Question 1
The dream up product is 500 grams brown bread. The survey question was for this discussion was; how much are you willing to pay for a 500 grams loaf of brown bread? Using four prices ranges of between one and four dollars, a sample composing of ten friends and family members were asked how the survey question. In the excel sheet, the results of how many of the respondents were willing to pay a particular price for each of the four ranges was recorded. A scatter diagram of demand against prices was plotted to determine the relationship between price and quantity demanded. ...
