(Demand Estimation).You run a firm that manufactures snowboards and sells snowboards in Colorado. You want to know how changing prices will affect your firm's revenues and profits. you decide to run a market experiment.

Between November and February, your firm charges $240 for its most popular kids snowboard. Over this period, you sell an average of 6,000 snowboards per month. In March, you raise the price to $260 per month. Your sales plummet to 1,000 snowboards per month between March and June.

Assuming that your firm's demand function is linear (i.e., , estimate your demand function.

1. Find the "b" parameter in the linear demand function. Answer for 1 is B= 250

2. Find the "a" parameter in the linear demand function. Answer for 1b is A= 66,000

I need help with the following question:

1. Do you think this market experiment is likely to lead to an accurate estimate of demand for your firm's product? EXPLAIN WHY OR WHY NOT.