6. [0/8.35 Points] DETAILS PREVIOUS ANSWERS MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The Camera Shop sells two popular models of digital SLR cameras. The sales of these products are not independent; if the price of one increases, the sales of the other increases. In economics, these two camera models are called substitutable products. The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and price (P) of each model. = B NA = 175 0.7PA + 0.55PB No = 322 + 0.08PA - 0.6PB (a) Construct a model for the total revenue and implement it on a spreadsheet. What is the profit (in dollars) predicted by your model when the price of model A is PA = $280 and the price of model B is PB $350. = = $ 81444 x (b) Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in increments of $10. P A = 310 x PB = 400 X Need Help? Read It Watch It