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You work as a data analyst for Strawble, a paper straw company in Western Massachusetts. The firm has recently re-tooled an old paper mill on
You work as a data analyst for Strawble, a paper straw company in Western Massachusetts. The firm has recently re-tooled an old paper mill on the Connecticut River to produce paper straws. As the data analyst for the firm, your boss would like you to determine how many paper straws to produce in a year and what price to charge for them. Follow these steps to determine your firm's optimal production and pricing decisions. (
a) [3 points] First, determine the demand for your product.
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