Question: i need help please. i need a new scenario with all the 5 questions plssss Make your own business scenario but make sure to use
Make your own business scenario but make sure to use realistic numbers for prices and amounts sold (you're welcome to build on the one you used for ch 1 -3 discussion if you did option 1). See a sample scenario below. Sample scenario: Thave a book store business that is holding a book release next week. If my book costs $4.99 and 1.025 books were sold initially, then 1 put it on sale for $2.99, and 1,892 copies were sold then. For your scenario (with your own but realistic numbers), solve and answer the following: 1. What is the demand equation q(p) (hint: form 2 points (p,q) first, it's ok to use decimals but don't round too much for accuracy)? 2. What is the Revenue equation R(p) (hint: R = pq) ? 3. Find the maximum revenue using 1st or 2 nd derivative test (show it). 4. What is the optimal price for the book? What is the amount of books sold? 5. What is your conclusion? Are the results reasonable? Why or why not
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
