Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows. Ds demand for the Sky Eagle Ps= selling price of the Sky Eagle DH demand for the Horizon PH selling price of the Horizon Revenue Ds = 229 -0.60Ps + 0.35PH DH=270+ 0.10Ps - 0.64PH The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function R (in terms of Ps and PH only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.) Price for Sky Eagle Price for Horizon Optimal revenue R = Ps = $ PH = $ R = $
Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows. Ds demand for the Sky Eagle Ps= selling price of the Sky Eagle DH demand for the Horizon PH selling price of the Horizon Revenue Ds = 229 -0.60Ps + 0.35PH DH=270+ 0.10Ps - 0.64PH The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function R (in terms of Ps and PH only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.) Price for Sky Eagle Price for Horizon Optimal revenue R = Ps = $ PH = $ R = $
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
Related questions
Question
![Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows:
- \( D_S \) = demand for the Sky Eagle
- \( P_S \) = selling price of the Sky Eagle
- \( D_H \) = demand for the Horizon
- \( P_H \) = selling price of the Horizon
The demand equations are:
\[ D_S = 229 - 0.60P_S + 0.35P_H \]
\[ D_H = 270 + 0.10P_S - 0.64P_H \]
The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function \( R \) (in terms of \( P_S \) and \( P_H \) only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.)
- Revenue \( R = \) [box]
- Price for Sky Eagle \( P_S = \$ \) [box]
- Price for Horizon \( P_H = \$ \) [box]
- Optimal revenue \( R = \$ \) [box]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feeaa8045-e0ae-4f8f-bfb9-81e4f69114f4%2F2aff8b39-ab1a-4bbe-bea7-003f2455203f%2Fat9qucj_processed.png&w=3840&q=75)
Transcribed Image Text:Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows:
- \( D_S \) = demand for the Sky Eagle
- \( P_S \) = selling price of the Sky Eagle
- \( D_H \) = demand for the Horizon
- \( P_H \) = selling price of the Horizon
The demand equations are:
\[ D_S = 229 - 0.60P_S + 0.35P_H \]
\[ D_H = 270 + 0.10P_S - 0.64P_H \]
The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function \( R \) (in terms of \( P_S \) and \( P_H \) only) for these two models, and find the revenue maximizing prices (in dollars). (Round your answers to two decimal places.)
- Revenue \( R = \) [box]
- Price for Sky Eagle \( P_S = \$ \) [box]
- Price for Horizon \( P_H = \$ \) [box]
- Optimal revenue \( R = \$ \) [box]
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Advanced Engineering Mathematics
Advanced Math
ISBN:
9780470458365
Author:
Erwin Kreyszig
Publisher:
Wiley, John & Sons, Incorporated
Numerical Methods for Engineers
Advanced Math
ISBN:
9780073397924
Author:
Steven C. Chapra Dr., Raymond P. Canale
Publisher:
McGraw-Hill Education
Introductory Mathematics for Engineering Applicat…
Advanced Math
ISBN:
9781118141809
Author:
Nathan Klingbeil
Publisher:
WILEY
Mathematics For Machine Technology
Advanced Math
ISBN:
9781337798310
Author:
Peterson, John.
Publisher:
Cengage Learning,
