Question

In: Math

A shop sells two competing brands of socks, Levis and Gap. Each pair of socks is...

A shop sells two competing brands of socks, Levis and Gap. Each pair of socks is obtained at a cost of 33 dollars per pair. The manager estimates that if he sells the Levis socks for xx dollars per pair and the Gap socks for yy dollars per pair, then consumers will buy 10−3x+y10−3x+y pairs of Levis socks and 1+3x−2y1+3x−2y pairs of Gap socks. How should the manager set the prices so that the profit will be maximized? Round your answers to the nearest cent.

Solutions

Expert Solution

milcah answered 2 years ago
Next > < Previous

Related Solutions

Cohen Company produces and sells socks. Variable costs are $5.40 per pair, and fixed costs for...
Cohen Company produces and sells socks. Variable costs are $5.40 per pair, and fixed costs for the year total $76,500. The selling price is $9 per pair. Required: 1. Calculate the breakeven point in units. 2. Calculate the breakeven point in sales dollars. 3. Calculate the units required to make a before-tax profit of $45,000. 4. Calculate the sales in dollars required to make a before-tax profit of $38,700. (Do not round intermediate calculations.) 5. Calculate the sales, in units...
a shop sells three shoe brands. The shop owner wanted to find out if there were...
a shop sells three shoe brands. The shop owner wanted to find out if there were differences in sales levels of the three shoe brands. Therefore the store owner issued a monthly record of sales of the three shoe brands. With an error rate of 0.05, test whether there are differences in sales of the three shoe brands? Month I II III IV V VI VII Brand A 78 64 75 45 82 69 60 Brand B 110 70 53...
In a car racing competition, four car brands are competing, each having two cars representing them....
In a car racing competition, four car brands are competing, each having two cars representing them. Cars from the same company have the same probability of winning. Each of the cars from Acura, Alfa Romeo and Audi has the same probability of winning the match, while each of Aston Martin’s cars has the probability of winning 1.66 times the probability of winning for each of the other brands’ cars. (a) What is the chance of winning for each of the...
Question 6 The Sock company buys hiking socks for GHS6 per pair and sells them GHS10....
Question 6 The Sock company buys hiking socks for GHS6 per pair and sells them GHS10. Management budgets monthly fixed costs of GHS12,000 for sales volume between 0 and 12,000 pairs. Required Consider the following questions separately by using the foregoing information each time. i. Calculate the breakeven point in units. ii. The Sock Company reduces its sales price from GHS10 per pair to GHS8 per pair. Calculate the new breakeven point in units. iii. The Sock Company finds a...
A drawer of socks contains seven black socks, eight blue socks, and nine green socks. Two...
A drawer of socks contains seven black socks, eight blue socks, and nine green socks. Two socks are chosen in the dark. a. What is the probability that they match? b. What is the probability that a black pair is chosen? pls give the exact value of probability
1) a) A drawer contains 9 white socks and 7 black socks. Two different socks are...
1) a) A drawer contains 9 white socks and 7 black socks. Two different socks are selected from the drawer at random. What is the probability that both of the selected socks are white? b) A box contains 10 white marbles and 7 black marbles. Suppose we randomly draw a marble from the box, replace it, and then randomly draw another marble from the box. (This means that we might observe the same marble twice). What is the probability that...
The purchasing manager for a large office complex must decide between two competing brands of fluorescent...
The purchasing manager for a large office complex must decide between two competing brands of fluorescent light bulbs. One is the brand currently used in the building and has a mean life of 900 hours. The new brand is more expensive, but the manufacturer claims that the mean life exceeds that of the current brand. a. What hypothesis about u, the true mean life for the new brand, should the purchasing manager test? Explain your choice. b. For the hypothesis...
A consumer products testing group is evaluating two competing brands of tires, Brand 1 and Brand...
A consumer products testing group is evaluating two competing brands of tires, Brand 1 and Brand 2. Tread wear can vary considerably depending on the type of car, and the group is trying to eliminate this effect by installing the two brands on the same random sample of 10 cars. In particular, each car has one tire of each brand on its front wheels, with half of the cars chosen at random to have Brand 1 on the left front...
Let µ1 and µ2 denote true average tread lives for two competing brands of a certain...
Let µ1 and µ2 denote true average tread lives for two competing brands of a certain radial tires. Test H0 : µ1 − µ2 = 0 versus Ha : µ1 − µ2 6= 0 at level 0.05 using the following data. Show your work step by step. When testing hypotheses, write out the key ingredients of the hypothesis test being conducted. 4-a. m = 45, x = 42, 500, s1 = 2200, n = 45, y = 40, 400, and...
A consumer products testing group is evaluating two competing brands of tires, Brand 1 and Brand...
A consumer products testing group is evaluating two competing brands of tires, Brand 1 and Brand 2. Though the two brands have been comparable in the past, some technological advances were recently made in the Brand 2 manufacturing process, and the consumer group is testing to see if Brand 2 will outperform Brand 1. Tread wear can vary considerably depending on the type of car, and the group is trying to eliminate this effect by installing the two brands on...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT