s picked up a project that requires background in differential equations and their solution methodologies. The client requires final solution in form of a MATLAB algorithm, however, complete documentation including the analytical solution is also required to show the basis of the algorithm. Complete details of the requirements are provided by the client in the next sections. You have been tasked by the ma
Your software house has picked up a project that requires background in differential equations and
their solution methodologies. The client requires final solution in form of a MATLAB
however, complete documentation including the analytical solution is also required to show the basis
of the algorithm. Complete details of the requirements are provided by the client in the next sections.
You have been tasked by the manager of your software house to pick at least one and maximum two
members for your team to work on this project.
The client is a major cosmetics manufacturer and wishes to devise a new marketing strategy for its
latest product. Through experience, it is known that price, sales, and product inventory depend on
each other in some way and thus can change over time. Therefore, the client has decided to
dynamically set the price of its latest product that reflects the demand for the product. It is desired to
increase the sales and keep the product inventory at a minimum level by changing the price of the
product. You are required to:
• Formulate the problem. Clearly list down any assumptions that you make.
• Solve the problem to obtain the general solution.
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