Question: Problem 8-03 (Algorithmic) Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are

Problem 8-03 (Algorithmic) Jim's Camera shop

Problem 8-03 (Algorithmic) Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands and selling prices for these two cameras are as follows: Ds = demand for the Sky Eagle, Ps is the selling price of the Sky Eagle, DH is the demand for the Horizon, and Ph is the selling price of the Horizon. Ds = 215 -0.50P5 + 0.30PM DH = 257 +0.15Ps - 0.62PH The store wishes to determine the selling price that maximizes revenue for these two products. Develop the revenue function for these two models. For subtractive or negative numbers use a minus sign even if there is a + sign before the blank. The revenue function is Max -0.5 PS? + 215 PS 0.45 PSP + 257 PH + -0.62 P2 Find optimal solution and the revenue maximizing prices. If required, round your answers to the nearest cent. Ps = $ 368.43 PH = $ 340.96 Optimal revenue = $ 83,420.4

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