A manufacturer of kitchen appliances is preparing to set the price on a new blender. Demand...
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A manufacturer of kitchen appliances is preparing to setthe price on a new blender. Demand is thought to depend on theprice and is represented by the model
D = 2,500 – 3P
The accounting department estimates that the total costcan be represented by
C = 5,000 + 5D
Develop a mathematical model for the total profit interms of the price, P. (Using Excel)
A manufacturer of kitchen appliances is preparing to setthe price on a new blender. Demand is thought to depend on theprice and is represented by the model
D = 2,500 – 3P
The accounting department estimates that the total costcan be represented by
C = 5,000 + 5D
Develop a mathematical model for the total profit interms of the price, P. (Using Excel)
Answer & Explanation Solved by verified expert
4.1 Ratings (602 Votes)
As demand decreases as price incrreases so to maximize profitwe cannot just increase price of the
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