The demand for travel is quite sensitive to price. Typically, there is an inverse relationship between demand and price; when price decreases, demand...

The demand for travel is quite sensitive to price. Typically, there is an inverse relationship between demand and price; when price decreases, demand increases and vice versa. One major airline has found that when the price (P) for a round trip between Chicago and Los Angeles is $600, the demand (D) is 500 passengers per day. When the price is reduced to $400, demand is 1,200 passengers per day.b. develop a prescriptive model that will determine what price to charge to maximize the total revenue (with explanation as to how you came up with the numbers)