Question: 1. Detailer Revenue Maximization Using data from their survey, the Detailer team has estimated that the demand for the Detailer can be expressed by the

1. Detailer Revenue Maximization Using data from their survey, the Detailer team has estimated that the demand for the Detailer can be expressed by the following linear equation: Quantity sold = 66,773 - 3413.6 Price a) The team wants to know what price they should charge to give them the highest possible level of revenue. Find this price using Solver. C D E 1 parameters choice variable intercept of demand 66773 price slope of demand -3413.6 4 objective function 5 Intermediate variable Revenue E2*86 6 Quantity sold =82+83*E2 7 10 11 12 13 14 15 16 17 18 19 20 The optimal price is $9.78. b) A member of the team thinks that demand is better approximated using a regression incorporating price squared. They estimate the following equation on their data

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