Question: please show step by step process A company intends to manufacture and retail a product. The unit cost of producing and marketing the product is

please show step by step process

A company intends to manufacture and retail a product. The unit cost of producing and marketing the product is expected to be $50. The management has to decide on a selling price. They are thinking of $55 to $110 price range. The demand for the product is expected to be a power function of price: Demand = 4,000,000 Price 2.25. a. This problem has been formulated as an spreadsheet model below. Enter the demand function, an appropriate trial value for Price, and solve it using GRG Nonlinear Solver. b. Determine the profits between $55 and $110 in steps of $5 using one-way Data Table. c. Chart the profits as a line chart with markers, and verify your answer to Part a

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