Problem 1-11 For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand. Let d = annual demand for a product in units p = price per unit Assume that a firm accepts the following price-demand relationship as being realistic: d = 800 - 10p where p must be between $20 and $70. a. How many units can the firm sell at the $20 per-unit price? Round your answer to the nearest whole number. d = 20 units At the $70 per-unit price? Round your answer to the nearest whole number. d = 70 units b. What happens to annual units demanded for the product if the firm increases the per unit price from $26 to $27? If the firm increases the per unit price from $26 to $27, the number of units the firm can sell falls by From $42 to $43? If the firm increases the per unit price from $42 to $43, the number of units the firm can sell falls by From $68 to $69? If the firm increases the per unit price from $68 to $69, the number of units the firm can sell by What is the suggested relationship between the per-unit price and annual demand for the product in units? This suggests that the relationship between the per-unit price and annual demand for the product in units is between $20 and $70 and that annual demand for the product by units when the price is increased by $1. c. Show the mathematical model for the total revenue (TR), which is the annual demand multiplied by the unit price. Express your answer in terms of p. TR = d. Based on other considerations, the firm's management will only consider price alternatives of $30, $40, and $50. Use your model from part (c) to determine the price alternative that will maximize the total revenue. Total revenue is maximized at the $ price. e. What are the expected annual demand and the total revenue corresponding to your recommended price? Round your answer to the nearest whole number. d = units Round your answer to the nearest dollar. TR = $