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Problem 4 in Chapter 11 posed the following situation: The demand for organic chicken meat...

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Accounting

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Problem 4 in Chapter 11 posed the following situation: The demand for organic chicken meat is quite sensitive to price. Typically, there is an inverse relationship between its demand and price; when price decreases, demand increases and vice versa. One major organic chicken supplier found that when the price (P) per pound is $4, the demand (D) is 5 pounds. When the price reduced to $3.50, the demand is 15 pounds. You were asked to develop an appropriate model on a spreadsheet and use nonlinear optimization with Solver to find the optimal price to maximize revenue

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