You are given the following information about the sales of the socks with corgis on them...
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You are given the following information about the sales of the socks with corgis on them at Dave's Childrens' shop. What you want to know is where you should price your socks as you've tried a few different prices over the past four months and have the results below. Use the Corgi Socks fileMonth 1 = Price: $2.00, Demand, 100 Month 2 Price: $4.00, Demand, 50 Month 3 Price: $3.35, Demand, 71 Month 4 = Price: $3.40, Demand 62 Best guess Pricing: $3.00 Cost to produce: $.75 1 Calculate the demand curve; show the graph with the trend linea. What is the Demand equation? 2 What is the total profit before optimization if you select $3 as the best guess? 3 What is the optimized price? 4 Using the optimized price does your profit go up or down? You are given the following information about the sales of the socks with corgis on them at Dave's Childrens' shop. What you want to know is where you should price your socks as you've tried a few different prices over the past four months and have the results below. Use the Corgi Socks fileMonth 1 = Price: $2.00, Demand, 100 Month 2 Price: $4.00, Demand, 50 Month 3 Price: $3.35, Demand, 71 Month 4 = Price: $3.40, Demand 62 Best guess Pricing: $3.00 Cost to produce: $.75 1 Calculate the demand curve; show the graph with the trend linea. What is the Demand equation? 2 What is the total profit before optimization if you select $3 as the best guess? 3 What is the optimized price? 4 Using the optimized price does your profit go up or down?
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