Reference no: EM13331633
For most products, higherprices 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 relationshipas 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? At the$70 per unit price?
Show the mathematical model for the total revenue (TR), which is the annual demand multiplied by the unit price.
Based on other considerations, the firm’s management willonly consider price alternatives of $30 $40 and $50. Use your model frompart
(b) to determine the price alternative that will maximize the total revenue.
What are the expected annual demand and the total revenue according to your recommended price?
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