3. The data in the table above represents quantity demanded (Q) and price (P) for iPhones. Use this data to answer the f

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3. The data in the table above represents quantity demanded (Q)and price (P) for iPhones. Use this data to answer the followingquestions:
(a) Enter the data for price and quantity demanded into Exceland generate a plot of P against Q (Q is on the horizontal axis andP is on the vertical axis)
(b) Use Excel to run an OLS regression of the inverse demandfunction:
P =a+bQ+e
Report your estimates for â and b (b with a line on top ofit). Does quantity demanded have a statistically significant effecton price?
c) Re-run the previous OLS regression using quantity demanded in1000’s of units instead (use Q with a line on top of it = Q/1000).How does this transformation effect your estimates?
(d) Run an OLS regression which includes both Q and Q2 asexplanatory variables. What is the intuition for including thesquare term? Is the square term statistically significant?