USING EXCEL (NOT A CALCULATOR)

Question 3 (Use two decimal places) Follow the format of answers in the class handout to answer this question A retailer purchased 1000 winter jackets before the start of the winter season at $90 each. The season last five months, and the retailer has a demand forecast for each of the five months to be d1=5501.1p1;d2=5501.3p2;d3=5501.5p3;d4=5501.6p4 andd 5=5501.7p5 a) How should the retailer vary (dynamic) the jacket price over the five months to maximize profit given the initial stock of jackets? (Provide your solver model and solution) 10 marks b) Given the initial stock of jackets, If the retailer charges a constant price over the five months, what should it be? What is/are the additional constraints added to the solver? And provide the prices. 5 marks c) How much gain in profit results from dynamic pricing over constant pricing? Show the steps and answer. 5 marks d) Refer information given at the beginning of the problem. Assume dynamic pricing and use Q as an extra variable. How many jackets should the retailer purchase at the beginning of the season to maximize profits? Provide both prices and profit. Will the number of jackets and profit change if the company assumes constant pricing? If yeso provide your new values. 10 marks Question 3 (Use two decimal places) Follow the format of answers in the class handout to answer this question A retailer purchased 1000 winter jackets before the start of the winter season at $90 each. The season last five months, and the retailer has a demand forecast for each of the five months to be d1=5501.1p1;d2=5501.3p2;d3=5501.5p3;d4=5501.6p4 andd 5=5501.7p5 a) How should the retailer vary (dynamic) the jacket price over the five months to maximize profit given the initial stock of jackets? (Provide your solver model and solution) 10 marks b) Given the initial stock of jackets, If the retailer charges a constant price over the five months, what should it be? What is/are the additional constraints added to the solver? And provide the prices. 5 marks c) How much gain in profit results from dynamic pricing over constant pricing? Show the steps and answer. 5 marks d) Refer information given at the beginning of the problem. Assume dynamic pricing and use Q as an extra variable. How many jackets should the retailer purchase at the beginning of the season to maximize profits? Provide both prices and profit. Will the number of jackets and profit change if the company assumes constant pricing? If yeso provide your new values. 10 marks