Today is your first day working for JiffyMed, a firm that produces and sells a small range of medical diagnostic products.

Today is your first day working for JiffyMed, a firm that produces and sells a small range ofmedical diagnostic products. JiffyMed’s main product is the QuickKit™, a simple-to-use test forthe rapid diagnosis of Hepatitis C. The test is intended for use by trained personnel in medicalfacilities, clinical laboratories, emergency care situations, and physicians' offices as a screeningassay capable of providing a result in less than 30 seconds. There is only one competing productin the marketplace, the HepaTest™, which is manufactured by the firm BigPharma.1. Estimate an empirical demand function for QuickKits™.2. Interpret the estimated demand function for QuickKits™.3. Make pertinent recommendations to senior management based on the empirical demandfunction.4. Write a short report summarizing the results of the analysis and any recommendations.Harry asks you to complete the project. He tells you that he’s particularly interested in knowingif the current price of the QuickKit™ is optimal and, if not, whether it should be increased ordecreased. He tells you that the current price of a QuickKit™ is $30.00 and that since theproduction process has been set up, the marginal cost of producing additional kits is essentiallyzero. Harry is also interested in knowing whether or not the firm’s advertizing expendituresover the last three years have been a good investment and anything else relevant that youranalysis uncovers.interpret the results, and summarize yourfindings and recommendations in a brief report a 1000 wordsthe point, and not overly technical. He tells you that his formal knowledge of mathematics,economics, and statistics is somewhat limited, and asks you to keep that in mind as you writethe main body of the report. Nevertheless, your conclusions and recommendations must bebased on a rigorous analysis of the available data and you should provide a concise summary ofany technical details in an appendix. And also to be explicit about any importantlimitations that your analysis might have.The report to be broken up into sections with sensible andself-explanatory headings because it makes them much easier to read and understand. Excel spreadsheet included. It contains data collected on the variables which might have a significant influence on the demand for QuickKits™. It also contains some notes about the data and how to proceed with the analysis.