Estimated the following demand curves

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Reference no: EM131727541

We have 3,000 units of product to sell over a five-day period. From historical sales data, we have estimated the following demand curves:

P = price/unit in $,

Q = number of units sold.

Day 1: P = 10−0.01 Q

valid for prices between $3 and $8.

Day 2: same as Day 1.

Day 3: P = 15−0.01Q

valid for prices between $6 and $10

Day 4: P = 20−0.01Q

valid for prices between $6 and $12

Day 5: same as Day 1.

1) The revenue maximizing price for Day 1 is _________ (Hint: Please keep one decimal point.), and quantity sold is ________ (Hint: Please enter an integer.).

2) The revenue maximizing price for Day 2 is ___________ (Hint: Please keep one decimal point.), and quantity sold is ________ (Hint: Please enter an integer.).

3) The revenue maximizing price for Day 3 is __________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).

4) The revenue maximizing price for Day 4 is __________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).

5) The revenue maximizing price for Day 5 is ____________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).

Reference no: EM131727541

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