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College Park Motors is a car dealership that specializes in the sales of sport utility vehicles and station wagons.
College Park Motors is a car dealership that specializes in the sales of sport utility vehicles and station wagons. Due to its reputation for quality and service, College Park Motors has a strong position in the regional market but demand is somewhat sensitive to price. After examining the new models Covington's marketing consultant has come up with the following demand curves:
SUV demand = 400 - 0.014(SUV price)
Wagon demand = 425 - 0.018(wagon price)
The dealership's unit costs are $17,000 for SUVs and $14,000 for wagons. Each SUV requires 2 hours of prep labor, and each wagon requires 3 hours of prep labor. The current staff can supply 320 hours of labor.
College Park Motors would like to determine profit maximizing prices for SUVs and wagons. (It is okay for prices and/or demand to be fractional in this problem. Do not add integer restrictions.)
a. Implement a excel model using Solver from the information above. Document your model appropriately so it is possible to identify the decision variables, objective function, and constraints without going into Solver. Make sure to paste the Solver dialog box into your spreadsheet.
