Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A store sells two brands of camping chairs. The store pays $10 for each brand A chair and $60 for each brand B cha The
A store sells two brands of camping chairs. The store pays $10 for each brand A chair and $60 for each brand B cha The research department has estimated that the weekly demand equations for these two competitive products to be the following, where p is the selling price for brand A, q is the selling price for brand B, and x and y are the average number of chairs sold per week Complete parts (A) and (B) below x = 731 -3p + q Demand equation for brand A y = 233 + p-5q Demand equation for brand B Determine the demands for x and y when p = $120 and q = $10 The demand for x will be (Type a whole number.) The demand for y will be (Type a whole number ) (B) How should the store price each chair to maximize weekly profits? What is the maximum weekly profit? [Hint C =10x + 60y, R =px + qy, and P-R- C] The equation for P is P(p.q) - To maximize profit, the brand A chair should be priced at $| |and the brand B chair should be priced at $ (Type integers or decimals rounded to two decimal places as needed ) The maximum weekly profit is $ per week (Type an integer or decimal rounded to two decimal places as needed )A store sells two brands of camping chairs. The store pays $10 for each brand A chair and $60 for each brand B chair The research department has estimated that the weekly demand equations for these two competitive products to be the following, where p is the selling price for brand A, q is the selling price for brand B, and x and y are the average number of chairs sold per week Complete parts (A) and (B) below. x = 731 -3p +q Demand equation for brand A y = 233 + p - 5q Demand equation for brand B (A) Determine the demands for x and y when p = $110 and q = $50 The demand for x will be (Type a whole number ) The demand for y will be (Type a whole number ) Determine the demands for x and y when p = $120 and q = $10. The demand for x will be (Type a whole number.) The demand for y will be (Type a whole number.) (B) How should the store price each chair to maximize weekly profits? What is the maximum weekly profit? [Hint C =10x + 60y, R = px + qy, and P =R- C.]
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started