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.
how many units can the firm sell at the $20 per-unit price? round your answer to the nearest whole number.
d = units
at the $70 per-unit price? round your answer to the nearest whole number.
d = units
what happens to annual units demanded for the product if the fim 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 __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 __ 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.
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 = __
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.
what are the expected annual demand and the total revenue corresponding to your recommended price?
round your answer to the nearest whole number.
d =
round your answer to the nearest dollar.
tr = $
Answers: 2
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