Problem 8-4 Golden, a pet product superstore, is considering pricing a new Golden-labeled dog food. The company will buy the premium dog food from a company in Indiana that packs the product with a Golden label. Golden pays $9 for a 50-pound bag delivered to its store. The company also sells Royal Dog Food (under the Royal Dog Food label), which it purchases for $12 per 50-pound bag and sells for $20.99. The company currently sells 25,150 bags of Royal Dog Food per month, but that is expected to change when the Golden brand is introduced. The company will continue to price the Royal Dog Food brand at $20.99. The quantity of Golden and the quantity of Royal Dog Food that will be sold at various prices for Royal are estimated as: Price Quantity Quantity Golden Golden Royal $ 9.99 35,850 11,800 $ 10.99 35,500 12,200 $ 11.9934,840 12,400 $ 12.99 33,910 12,800 $ 13.99 30,960 13,900 $ 14.99 26,810 15,300 $ 15.99 16,890 15,900 $ 16.99 11,150 19,600 $ 17.99 6,000 21,800 For example, if Golden is priced at $9.99, the company will sell 35,850 bags of Golden and 11,800 bags of Royal at $20.99. If the company prices Golden at $17.99, it will sell 6,000 bags of Golden and 21,800 bags of Royal at $20.99. This is 3,350 fewer bags of Royal than is currently being sold. Calculate the profit-maximizing price for the Golden brand, taking into account the effect of the sales of Golden on sales of the Royal Dog Food brand. (Round answers to 2 decimal places, e.g. 15.25. Enter loss using either a negative sign preceding the number e.g.-15.25 or parentheses e.g. (15.25).) Profit/(Loss) Profit/cos Price of Golden $9.99 Price of Royal $20.99 10.99 20.99 11.99 20.99 20.99 12.99 13.99 20.99 14.99 20.99 15.99 20.99 16.99 20.99 17.99 20.99 N/A 20.99 Profit-maximizing prices LINK TO TEXT At the price calculated in part a, what is the incremental profit over the profit earned before the introduction of the Golden-branded dog food? (Round answer to 2 decimal places, e.g. 15.25.) Incremental profits