You work as an economist for a major oil company. The CEO asks for the following in a meeting:
Should the company lower/raise the price of natural gas in the state of ______________?
What is the price elasticity of demand (show the Excel regression output)?
What will happen to our revenue if we do lower/raise the price?
What do you recommend?
1)Download the data into Excel
2)Isolate the price data and sales data into one sheet
3)Make sure the dates line up
4)Calculate the natural logarithm of each variable
5)Make sure version of Excel has Data Analysis add-in
6)Run a regression of price (x variable) and sales (y variable) with output in new worksheet
7)The coefficient is your elasticity
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