A certain product which costs $1.10 per unit had three different prices in the past and attracted different levels of demand, respectively, shown in the table below: From the above information, a simple model between price and demand has been estimated as: Demanda(price)2b(price)+c The current values of (a,b,c) are (19.531, 145.31, 265.16). Assume that there are sufficient resources to produce the estimated demand. When setting up the demand model for the following, refer to the cell locations storing the coellicients instead of hardcoding the numbers. 1. Ise the above inlormation to develop a base model that would determine two outputs: prolit and prolit margin, from any price entered by the user between the Iow price and Iligh price. (10 marks) Use the base model in part 1 for answering the following independent parts 2,3 and 4. 2. Vary the price from I.ow price to High price in sleps of $0.20, assuming other parameter and information stay the same. (a) Determine the corresponding profit and profit margin by use of Data Table. (10 marks) (b) What is the price giving the largest profit in 2(a)? (2 marks) (c) For each price, suppose the unit cost could be reduced by 0%,8%,10%,12% or 20%. Determine the corresponding profit by use of 'Data Table. (10 marks) 3. If the medium price is used, what is the largest unit cost when one could still achieve 40% of profit margin? (4 marks) 4. The relationship between price and demand may change according to market response. Three scenarios have been designed to model their relationship: Suppose the user sets the price at $1.90 and unit cost remains at $1.10. Use the Scenario Manager to create the three scenarios and determine two outputs for each scenario: demand and profit. (18 marks) A certain product which costs $1.10 per unit had three different prices in the past and attracted different levels of demand, respectively, shown in the table below: From the above information, a simple model between price and demand has been estimated as: Demanda(price)2b(price)+c The current values of (a,b,c) are (19.531, 145.31, 265.16). Assume that there are sufficient resources to produce the estimated demand. When setting up the demand model for the following, refer to the cell locations storing the coellicients instead of hardcoding the numbers. 1. Ise the above inlormation to develop a base model that would determine two outputs: prolit and prolit margin, from any price entered by the user between the Iow price and Iligh price. (10 marks) Use the base model in part 1 for answering the following independent parts 2,3 and 4. 2. Vary the price from I.ow price to High price in sleps of $0.20, assuming other parameter and information stay the same. (a) Determine the corresponding profit and profit margin by use of Data Table. (10 marks) (b) What is the price giving the largest profit in 2(a)? (2 marks) (c) For each price, suppose the unit cost could be reduced by 0%,8%,10%,12% or 20%. Determine the corresponding profit by use of 'Data Table. (10 marks) 3. If the medium price is used, what is the largest unit cost when one could still achieve 40% of profit margin? (4 marks) 4. The relationship between price and demand may change according to market response. Three scenarios have been designed to model their relationship: Suppose the user sets the price at $1.90 and unit cost remains at $1.10. Use the Scenario Manager to create the three scenarios and determine two outputs for each scenario: demand and profit. (18 marks)