What Is the Probability That the Demand for This Product

question 40

Short Answer

What is the probability that the demand for this product will be less than 3500 units in the upcoming quarter?

---

Definitions:

Utility

A measure of satisfaction, usefulness or value that a consumer receives from any good or service.

Utility

In economics, the total satisfaction received from consuming a good or service.

Consumer Surplus

The difference between what consumers are willing to pay for a good or service and what they actually pay.

Marginal Utility

The extra pleasure or benefit a customer receives from purchasing an additional unit of a product or service.