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Microsoft® Excel Data Analysis and Business Modeling by Wayne L. Winston

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Chapter 70. Pricing Products Using Subjectively Determined Demand

  • Sometimes I don’t know the price elasticity for a product. In other situations, I don’t believe a linear or power demand curve is relevant. Can I still estimate a demand curve and use Solver to determine a profit-maximizing price?

  • How can a small drugstore determine the profit-maximizing price for lipstick?

Sometimes I don’t know the price elasticity for a product. In other situations, I don’t believe a linear or power demand curve is relevant. Can I still estimate a demand curve and use Solver to determine a profit-maximizing price?

In situations when you don’t know the price elasticity for a product or don’t think you can rely on a linear or power demand curve, a good way to determine ...

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