1) Bass Model: You are required to forecast the sales pattern of a new product X that is still at a very early stage in the development process. Researching the sales pattern of an analogous product, you find that one similar product in the past had the following sales pattern since its launch in the market: (in 000) Sales Time period 1 2 3 4 5 6 7 160 425 1234 1646 555 78 9 Your market research suggests that the maximum sales potential for your product is 16,000 units (in 000's). You have strong reasons to believe that the diffusion of your product will be similar to this past product with the sales data provided above. Estimate and plot the diffusion pattern of your new product (please show and explain all the details). 1) Bass Model: You are required to forecast the sales pattern of a new product X that is still at a very early stage in the development process. Researching the sales pattern of an analogous product, you find that one similar product in the past had the following sales pattern since its launch in the market: (in 000) Sales Time period 1 2 3 4 5 6 7 160 425 1234 1646 555 78 9 Your market research suggests that the maximum sales potential for your product is 16,000 units (in 000's). You have strong reasons to believe that the diffusion of your product will be similar to this past product with the sales data provided above. Estimate and plot the diffusion pattern of your new product (please show and explain all the details)