Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Tommy recently opened TJ Tobacco INC. that nets an average of $26,000 in profit a month. The average high end 1-gram oil vape cartridge sells

Tommy recently opened TJ Tobacco INC. that nets an average of $26,000 in profit a month. The average high end 1-gram oil vape cartridge sells between $34.95 to $58.41. He has learned, in his specific shop location, that selling a vape cartridge for $34 each, he can sell 10 cartridges a month, but for each $4 he raises the price, 1 less cartridge is sold. Keeping the average selling price range in mind, at what price should Tommy sell the vape cartridges to maximize his revenue and stay competitive? Additionally, what percentage of his monthly profit is made from selling vape cartridges alone?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

A Transition To Mathematics With Proofs

Authors: Michael J Cullinane

1st Edition

144962779X, 9781449627799

More Books

Students also viewed these Mathematics questions