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 DS = 222 − 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 Can you use Excel to formulate and Solver to solve?
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 DS = 222 − 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 Can you use Excel to formulate and Solver to solve?
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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
DS = 222 − 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 Can you use Excel to formulate and Solver to solve?
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