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A store sells two brands of camping chairs. The store pays $10 for each brand A chair and $70 for each brand B chair. The
A store sells two brands of camping chairs. The store pays $10 for each brand A chair and $70 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 = 1168 -4p+q Demand equation for brand A y = 196 + p - 2q Demand equation for brand B (A) Determine the demands for x and y when p = $120 and q = $110. 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 = $150 and q = $80. 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 + 70y, 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.)
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