Question

In: Advanced Math

Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 132...

Based upon market research, the Hawthorne Company has determined that consumers are willing to purchase 132 units of their portable media player each week when the price is set at $132.00 per unit. At a unit price of $40.50, consumers are willing to buy 315 units per week.

(a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related.
p =  



(b) Determine the weekly revenue function.
R(x) =  



(c) Determine the number of units consumers will demand weekly when the price is $94.50 per portable media player.
units

(d) Determine the number of units consumers will demand weekly when the revenue is maximized.
units

(e) Determine the price of each unit when the revenue is maximized.
dollars

Solutions

Expert Solution

Colby Messinger answered 2 years ago
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