Solved: Uncertainty in the demand estimate, Microeconomics

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Uncertainty in the demand estimate

Question 1: You suddenly realize that your demand estimates might have some uncertainty in them. How might you change the amount of surplus you give to the consumers because of this?

Question 2: When you do not know the right demand, you cannot set the right price. So, instead of setting the price first, how can you find out the right price when there are some uncertainty in your demand estimate?

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Microeconomics: Uncertainty in the demand estimate

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