Looking at the logit price-response function taken from here.
I take it that the output would be a probability, if C = 1?
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Sign up to join this communityLooking at the logit price-response function taken from here.
I take it that the output would be a probability, if C = 1?
In the document you mentionned, you can read that :
Recall, d(p) is the number of customers willing to pay at least p for the product
So it should not be a probabilty ..