Problem 1-11 For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand. Let d = annual demand for a product in units p = price per unit Assume that a firm accepts the following price-demand relationship as being realistic: d - 800 - 10p where p must be between $20 and $70. a. How many units can the firm sell at the $20 per-unit price? Round your answer to the nearest whole number. d- units At the $70 per unit price? Round your answer to the nearest whole number. units b. What happens to annual units demanded for the product if the fim increases the per unit price from $26 to $27? If the firm increases the per unit price from $26 to $27, the number of units the firm can sell by From $42 to $437 If the firm increases the per unit price from $42 to $43, the number of units the firm can sell by What is the Suggested relationship between the per-unit price and annual demand for the product in units? V between $20 and $70 and that annual demand for the product units when the price is increased This suggests that the relationship between the per-unit price and annual demand for the product in units is by $1. c Show the mathematical model for the total revenue (TR), which is the annual demand multiplied by the unit price. Express your answer in terms of p. TR = d. Based on other considerations, the firm's management will only consider price alternatives of $30, $40, and $50. Use your model from part (c) to determine the price alternative that will maximize the total revenue. Total revenue is maximized at the $ V price. e. What are the expected annual demand and the total revenue corresponding to your recommended price? Round your answer to the nearest whole number. d = units Round your answer to the nearest dollar. TR - *