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The Camera Shop sells two popular models of digital single lens reflex (DSLR) cameras (Camera A Price: $200, Camera B Price: $300 ). The sales
The Camera Shop sells two popular models of digital single lens reflex (DSLR) cameras (Camera A Price: $200, Camera B Price: $300 ). The sales of these products are not independent; if the price of one increases, the sales of the other will increase. In economics, these two camera models are called substitutable products. The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and soles dato shows the following relationships between the quantity sold (N) and peice (P) of each model: NA=1950.6PA+0.25PBNA=301+0.08PA=0.5PB Construct a model for the total revenue and implement it on a spreadsheet. Develop a two-way data table to estimate the cptimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $00 in increments of $10. Max revenue occurs at Camera A price of $ Max revenue occurs at Camera B price of 1
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