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.