I plan to work with my students on solving real-world problems through modelling them. Now it is my idea to follow the modelling cycle below.
The idea is to find with the help of two values that have been investigated by an institute for market research the point of maximum profit located on the inverse demand function. This function takes a certain quantity of a good and maps to it the price per unit the vendor can take.
So far for the background. Do you see a way to differentiate working on this topic except of beeing open in which ways of modelling are accepted as adequate?