Introduction to Management Science (12th Edition)
12th Edition
ISBN: 9780133778847
Author: Bernard W. Taylor III
Publisher: PEARSON
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Chapter 10, Problem 1P
Summary Introduction
To develop: The nonlinear profit function for the company and determine the price, which would maximize the profit.
Expert Solution & Answer
Explanation of Solution
Given information:
It is given that the fixed cost is$7,500, variable cost is $40, and it is stated that the price is related to demand. In addition to this, the following equation is given:
Develop the nonlinear profit function and determine the price:
Determine the price:
Solver parameter:
Formulae to determine the table value:
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