Your company is beginning to produce a new product and you are required to determine the...

 

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Your company is beginning to produce a new product and you are required to determine the price of the product. The marketing department reports that there is a 60 % probability that the product will face a low demand and a 40 % probability that the product will face a high demand. They offered the following demand curves: P = 25000 -25Q and 50000 - 40Q. What is the product's expected demand curve? P = -Q What is the product's total revenue function? TR = Q - Q² What is the product's expected marginal revenue curve? MR = - Q What is the price you recommend based on the expected demand curve? What quantity do you predict the firm will sell? (round to the nearest whole number) What is the expected profit from the new product? Your company is beginning to produce a new product and you are required to determine the price of the product. The marketing department reports that there is a 60 % probability that the product will face a low demand and a 40 % probability that the product will face a high demand. They offered the following demand curves: P = 25000 -25Q and 50000 - 40Q. What is the product's expected demand curve? P = -Q What is the product's total revenue function? TR = Q - Q² What is the product's expected marginal revenue curve? MR = - Q What is the price you recommend based on the expected demand curve? What quantity do you predict the firm will sell? (round to the nearest whole number) What is the expected profit from the new product?