A manufacturer of kitchen appliances is preparing to set the price on a new blender. Demand is thought to depend on the price and is represented by the model D=2,500-5P. The accounting department estimates that the total costs can be represented by C=4,000+ 3D. Develop a model for the total profit. Implement the model on a spreadsheet and use nonlinear optimization with Solver to find the price that maximizes profit. The price that maximizes profit is P = $ (Round to the nearest cent as needed.).

A manufacturer of kitchen appliances is preparing to set the price on a new blender. Demand is thought to depend on the price and is represented by the model D=2,500-5P. The accounting department estimates that the total costs can be represented by C=4,000+ 3D. Develop a model for the total profit. Implement the model on a spreadsheet and use nonlinear optimization with Solver to find the price that maximizes profit. The price that maximizes profit is P = $ (Round to the nearest cent as needed.).

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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