Instructions: Build the model for profit model for gaming keyboards in RMarkdown. Complete the quiz of questions 1-10 in the Blackboard module Lab 8 Question 1-10. You have ONE ATTEMPT to complete this quiz. Upload your PDF report of questions 11-16 to Lab 8_Individual Lab. Grades will be assigned solely to submissions received through Blackboard.You have ONE ATTEMPT to submit your PDF report. Type your information below. Students with incomplete individual information will not receive a grade. You must work individually. Your information Last name First name ID number Model A manufacturer of wireless gaming keyboards is preparing to set the price on a new model. Demand () is thought to depend on the price () and is represented by the model: = 1800 3 The accounting department estimates that the total costs () can be represented by = 4800 + 4 Develop a model for the total profits (Revenue minus Cost) and represent it on the Rmd template. Consider demands as units sold. Create columns for Price, Demand, Revenues, Costs, and Profits. Use a line chart with $ on the y-axis and Demand on the x-axis to show the relationship between 1) profits and demand, 2) revenues and demand, and 3) costs and demand. Calculate answers for Questions 1-10 in the Blackboard module Lab 8 Question 1-10 (36 points) Complete the quiz of Lab 8 Question 1-10 by using the results calculated below: 1 Question 1 (4 points) 1. When the price for the gaming keyboardss is set to $100, what is the corresponding prediction for demand? # The coding of this part is complete and # please use these to develop your coding for questions 2, 3 and 4) price <- 100 demand <- 1800 - 3*price Question 2 (4 points) 2. When the price for the gaming keyboards is set to $100, what is the corresponding projected revenue (Demand (units sold) multiply Price)? revenue <- ??? Question 3 (4 points) 3. When the price for the gaming keyboards is set to $100, what are the corresponding costs? cost <- ??? Question 4 (4 points) 4. When the price for the gaming keyboards is set to $100, what are the corresponding projected profits (Revenue minus Cost)? profit <- ??? Question 5 (4 points) 5. Import rawdatalab8.xlsx with provided column - Price. Based on column of Price, create a column of Demand to find at what price for the gaming keyboards is projected demand minimized? # Import rawdatalab8.xlsx and name it as myData. # The coding of this part is NOT complete. # You will not be able to knit to PDF until you complete this part. ??? # Create column Demand with provided Price. # The coding of this part is complete. # Please use these to develop your coding for questions 7 and 8) # Hint: take a look at myData to find the smallest demand and its corresponding price. myData$Demand <- 1800 - 3*myData$Price View(myData) 2 Question 6 (4 points) 6. At what price for the gaming keyboards is projected demand maximized? # Hint: take a look at myData to find the highest demand and its corresponding price. # (The coding of this part is complete.) View(myData) Question 7 (4 points) 7. At what price for the gaming keyboards is projected revenue maximized? # Create column Revenues with provided Price and calculated Demand. # (The coding of this part is NOT complete.) ??? # Hint: take a look at myData to find the largest revenue and its corresponding price. # (The coding of this part is complete.) View(myData) Question 8 (4 points) 8. At what price for the gaming keyboards is projected profit maximized? # Create column Costs with calculated Demand. # (The coding of this part is NOT complete.) ??? # Create column Profits with calculated Revenues and Costs. # (The coding of this part is NOT complete.) ??? # Hint: take a look at myData to find the largest profit and its corresponding price. # (The coding of this part is complete.) View(myData) Question 9 (2 points) 9. True/False: Costs are projected to increase as the price for gaming keyboards goes up. # Hint: read case details carefully and take a look at myData. # (No coding is needed for this question.) Question 10 (2 points) 10. True/False: The lower the price for the gaming keyboards, the higher the projected demands. # Hint: read case details carefully and take a look at myData. # (No coding is needed for this question.) 3 Graph Profits, Revenues, and Costs on your chart and submit PDF report to Lab 8_Individual Lab (14 points) Read the below requirements carefully and construct a line chart with $ on the y-axis and Demand on the x-axis to show the relationships between 1) profits and demand, 2) revenues and demand, and 3) costs and demand. Then submit the PDF report to Lab 8_Individual Lab on Blackboard. Hint: Follow the solution for Lab 3 (Student_Lab-3_Solution.pdf) on Page 4-5 to create the line chart for question 11 - 16. 11. Graph Profit on your line chart. (3 points) 12. Graph Revenue on your line chart. (3 points) 13. Graph Cost on your line chart. (3 points) 14. Include an x-axis label on your chart. (1 points) 15. Include a y-axis label on your chart. (1 points) 16. Include a title and a legend denoting Profit, Revenue, and Cost on your chart. (3 points) Make sure to choose three different colors for Profit, Revenue, and Cost.And modify ylim and xlim to fit in the legend properly. options(scipen = 999) # scientific notation is off # Use the plot function to create a line chart for Profits plot(???) # Add a line of different color for Revenues using the lines function lines(???) # Add a line of different color for Costs using the lines function lines(???) # Add a legend at the right of the chart using the legend function legend(???) To knit the Rmd document into a PDF report: 1. Type: tinytex::install_tinytex() into the Console. 2. Press Enter. 3. Wait until the stop sign disappears, then knit to PDF again. End of Lab 8