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. De demand for the Sky Eagle Ps= selling price of the Sky Eagle Du demand for the Horizon PH selling price of the Horizon Ds = 227-0.60Ps + 0.35PH DH=275 +0.10P-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 prices (in dollars) that maximizes revenue. (Round your answers to two decimal places.) Revenue Price for Sky Eagle Price for Horizon Optimal revenue R = Pc = $ 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. De demand for the Sky Eagle Ps= selling price of the Sky Eagle Du demand for the Horizon PH selling price of the Horizon Ds = 227-0.60Ps + 0.35PH DH=275 +0.10P-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 prices (in dollars) that maximizes revenue. (Round your answers to two decimal places.) Revenue Price for Sky Eagle Price for Horizon Optimal revenue R = Pc = $ PH = $ R = $
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 13CQ: Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a....
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