For most products, higher prices result in a decreesed demand, whereas lower prices result in on increased demand. Let. d a annual demand for a product in units p i price per unit Assume that a firm accepts the following price-demand relationship as being realstic: d=1,00012 where p must be between $20 and 580 . (a) Haw many units can the firm set ot the $20 per-unit price? At the $80 per-unit price? units at s20 par-unit = units at sso per-unit = (b) What happens to annubl units demended for the product if the firm increases the per-unit price from $27 to 3267 from 413 to $447 rrom 300 to 1577 What is the wggnsted reletsonship between the periunit price and ennual demand for the preduct in units? (0) What heppens to annual unite demanded for the product dt the fiem increases the per-unit price from 527 to 3267 units at 127 per-unit = units at 126 per-unit = (ii) What happens to enhial units demanded for the product if the firm increates the per-unit price from 3+3 to 544 ? units at $43 per-init = units at 544 per-unit = (iii) What happens to annual units demanded for the product if the firm increases the ber-unit price fram $6a to $877. units at sos periunit = units of 6e per-unit = (w) What is the suggested relationship between the per-unit peico and annual demand for the product in units? Thes suggests that the relationship is and that annual demand by units for every $1 in price increase. (c) show the mathematicel model for the total revenue (TR) in terms of p, which is the annual demand multiplied by the unit price. TTR= (d) Besed on other considerations, the firm's monogement will only consider price alternatives of 434,540 , and s3it. Use your model from part (b) to determine the price aliemative that will maximze the total revenue. TR at 134 per-unit =5 TR at 146 per-unit =3 TR at ssil per-unt =s civen the canstraints, the Total Revenue is maxamised at 4 (e) What are the expected annual demand and the total revenue corresponding to your recommended price? d=