How do you construct and implement the model? What does it look like? The Camera Shop sells two popular models of digital SLR cameras (Camera A Price: 220, Camera B Price: 310). The sales of these products are not independent of each other, but rather if the price ofone increase, the sales of the other will increase. In economics, these two camera models are called substitutable products. The store wishes to establish a pricing policy to maximize revenue fromthese products. A study of price and sales data shows the following relationships between the quantity sold (N) and prices (P) of each model:NA 196 0.5PA+ 0.35PBNB = 301 + 0.06PA - 0.6PBConstruct a model for the total revenue and implement it on a spreadsheet. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Varyeach price from $250 to $500 in increments of $10.Max profit occurs at Camera A price of $Max profit occurs at Camera B price of $

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Business

Operations Management

How do you construct and implement the model? What does it look like?

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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Question

How do you construct and implement the model? What does it look like?

The Camera Shop sells two popular models of digital SLR cameras (Camera A Price: 220, Camera B Price: 310). The sales of these products are not independent of each other, but rather if the price of
one increase, the sales of the other will increase. In economics, these two camera models are called substitutable products. The store wishes to establish a pricing policy to maximize revenue from
these products. A study of price and sales data shows the following relationships between the quantity sold (N) and prices (P) of each model:
NA 196 0.5PA+ 0.35PB
NB = 301 + 0.06PA - 0.6PB
Construct a model for the total revenue and implement it on a spreadsheet. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary
each price from $250 to $500 in increments of $10.
Max profit occurs at Camera A price of $
Max profit occurs at Camera B price of $

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