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Concept of a demand curve

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Demand estimation - Explain briefly the concept of a demand curve and how the market experiment allows it to be known. Explain the procedure in estimating it. State your estimated demand curve. Discuss how well regressions fit the data and give a warning on when your estimates should or should not be used.

Cost estimation - Explain how you estimate costs. Show total costs as function of output quantity, and comment on how closely it fits the data. Discuss what marginal costs you estimate and why they might differ from the wholesale cost of inputs. Discuss what might render your estimates obsolete.

First price recommendation - Present your recommendations for a profit-maximizing price under the assumption the market conditions and production technology remain stable. Forecast revenue and profits at that price.

Second price recommendation - Present your recommendations for a profit-maximizing price assuming costs change so that the fixed cost becomes $3,100,000 with constant marginal cost of $6 per unit of output. Give revenue and profit targets.

Reference no: EM131280873

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