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Find the implied market demand curve

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When the price of popcorn at the basketball game is $1 per bag, we sell 100 bags per night. When the price has been $2, we've sold 80 bags per night. Additionally, suppose we get our inputs free: volunteer labor and USDA surplus popping corn.

(a) Find the implied market demand curve, assuming that it's linear and connects the two (P,Q) combinations above.

(b) Find the profit-maximizing price and associated profit.

(c) Any hesitations on relying on your calculations above? Explain.

Reference no: EM132294136

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