Determine whether your firm is in a competitive industry. Based on the following demand function for the
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Question:
Determine whether your firm is in a competitive industry.
Based on the following demand function for the firm's product, what would you answer?
Q = 50,000 – 25*P
Q is the amount produced and P is the price.
Be sure to show your calculations in Excel and provide a narrative analysis. Your narrative analysis should summarize the results of your analysis and make recommendations for the benefit of company.
Now that you have examined whether your firm is in a competitive industry, let's take a look at some questions related to price, cost, and profit analysis.
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