Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A store sells two brands of camping chairs. The store pays $80 for each brand A chair and $20 for each brand B chair. The

image text in transcribed
A store sells two brands of camping chairs. The store pays $80 for each brand A chair and $20 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 = 1185-3p+q Demand equation for brand A y = 489+ p - 4q Demand equation for brand B (A) Determine the demands for x and y when p = $150 and q = $110. The demand for x will be P (Type a whole number.) The demand for y will be ge.c (Type a whole number.) Determine the demands for x and y when p = $190 and q = $80 The demand for x will be (Type a whole number.) rse 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 = 80x + 20y, R = px + qy, and PER - 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.) Submit test No announcements during the selected omeframe Announcements (0) Past Due Assignments (0) @ No past due assignments during the selected timeframe

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Abstract Algebra An Interactive Approach

Authors: William Paulsen

2nd Edition

1498719775, 9781498719773

More Books

Students also viewed these Mathematics questions

Question

understand what working means to workers;

Answered: 1 week ago

Question

Draw a labelled diagram of the Dicot stem.

Answered: 1 week ago