1. Engineering
  2. Mechanical Engineering
  3. your company has entered a new product into the market...

Question: your company has entered a new product into the market...

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Your company has entered a new product into the market. In the first time period, 712 people buy your product. In the second time period, 995 people buy your product. Your marketing team has estimated that the size of the market is 356,000 people. Assuming that people buy this product without replacement (that is, there are no repeat purchases) a) What are the estimated values for initial probability of adoption and diffusion rate? b) At what time period is the sales number the greatest?

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