If the cost of goods sold is 3 units for brand2, what would be its optimal price to maximize its profit? Explain why

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Marketing Engineering

Assignment 3

Assessing the impact of price in case of 3 brands.

⚫ V_1=0 (reference)

⚫ V_2= beta_20+beta_21*price_brand1+beta_22*price_brand2+beta_23*price_brand3

⚫ V_3= beta_30+beta_31*price_brand1+beta_32*price_brand2+beta_33*price_brand3

Q1. Find the market share of three brands when price_brand1=4.1, price_brand2=3.5,

price_brand3=3.8 (only consider significant parameters (Pr > Chi2) at alpha=10%)

Q2. If the cost of goods sold is 3 units for brand2, what would be its optimal price to maximize its

profit? Explain why?

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