Your marketing department has identified the following customer demographics in the following table.  Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1.  The number of customers in the target population is 10,000. Analyze the challenges that the marketing firm will be facing to evaluate customer demand.   Group Value Frequency Baby boomers $5 20% Generation X $4 10% Generation Y $3 10% `Tweeners $2 10% Seniors $2 10% Others $0 40%

ENGR.ECONOMIC ANALYSIS
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Your marketing department has identified the following customer demographics in the following table.  Construct a demand curve and determine the profit maximizing price as well as the expected profit if MC=$1.  The number of customers in the target population is 10,000. Analyze the challenges that the marketing firm will be facing to evaluate customer demand.

 

Group

Value

Frequency

Baby boomers

$5

20%

Generation X

$4

10%

Generation Y

$3

10%

`Tweeners

$2

10%

Seniors

$2

10%

Others

$0

40%

I need 3 paragraphs to explain and answer the problem and 1 reference minimum, thank you

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