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Madison pricing model - finding demand functions

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Two points on the demand curve (as estimated by Madison)

Price
Demand
$70
400
$80
300

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The Madison company manufactures and retails a certain product. The company wants to
determine the price that maximizes its profit form this product. The unit cost of producing and
marketing the product is $50. Madison will certainly charge at least $50 for the product to
ensure that it makes come profit. However, there is a very competitive market for this product,
so that Madison's demand falls sharply when it increases its price. How should the company
proceed?