Last year you estimated you would earn 5 million in sales, Microeconomics

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Last year you estimated you would earn 5 million in sales

Problem

Last year, you estimated you would earn $5 million in sales revenues from developing a new product. So far, you have spent $3 million developing the product, but it is not yet complete. Meanwhile, this year you have new sales projections that show expected revenues from the new product will actually be only $4 million. How much should you be willing to spend to complete the product development?

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Microeconomics: Last year you estimated you would earn 5 million in sales

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Microeconomics: Last year you estimated you would earn 5 million in sales

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