Managerial Economic; Price Of Complementary Good, Advertisement Expendeture Custom Essay

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Select a product and extract the function demand of that product, create a table and identify all related factors (quantity demanded, price, price of substitute good, Price of complementary good, Advertisement expendeture) for the past 10 years. using the data generated/assumed in the table define the demand function using regression analysis. find the price elasticity of demand, explain each assumption made and use all the deffinitions and titles available in the attached file (Total revenue and Marginal revenue and its relation with elasticity, short-run and long-run price elasticity, theory of the firm etc..) emphasize on the numbers generated in last year and the function generated forcaste the necessary changes and recommend the best price that can maximize the profit of the firm

Combine both mathematical and theory (support the mathematical assumptions by explanations and graphs)

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