Comment Comment by danuker What is a fair price? There is no such thing.An economically optimal price is one that maximizes total profit.If it's too high, fewer people will buy the product, which might reduce profit. If it's too low, the profit margin will be small in spite of lots of units sold. parent danuker 5 years ago
An economically optimal price is one that maximizes total profit.
If it's too high, fewer people will buy the product, which might reduce profit. If it's too low, the profit margin will be small in spite of lots of units sold.