You are pricing a new product. Your goal is to maximize revenues by charging appropriate prices for the first
1000 customers. You do not have any historical data, but you believe that the willingness-to-pay of your customers are normally distributed. You have the opportunity to
experiment with prices for the first fifteen customers, after which you need to
Lock a price for the remaining
985 customers.
You should consider how to collect information from the first fifteen customers and how to use it to estimate the best single price. You may look at the normal distribution plot to assist in your estimation.
