Suppose I have a small business that sell ice creams. An Icecream cost 2$, and every day I have different values of sales.
Day 1: 50 sales Day 2: 70 sales Day 3: 30 sales Day 4: 50 sales
How to I estimate the demand curve?
- Should I change every day the price of the icecream and see how many sales I get? (the variation could be caused by many other factors)
- Should I do a linear regression on the sales data?