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We have 3,000 Units of product to sell over a Fve-day period. rom historical sales data, we have esTmated the following demand curves P=price/unit in...
We have 3,000 Units of product to sell over a Fve-day period. ±rom historical sales data, we have
esTmated the following demand curves
P=price/unit in $
Q=number of units sold
Day 1: P=10-0.01Q
valid for prices between $3and $8.
Day 2: same as Day 1
Day 3: P= 15-0.01Q
valid for prices between $6 and $10
Day 4 P=20-0.01Q
valid for prices between $6 and $12
Day5: same as Day 1
The revenue maximizing price for Day 1 is (Hint: Please keep one decimal point.), and quantity sold is (Hint: Please enter an integer.).
The revenue maximizing price for Day 2 is (Hint: Please keep one decimal point.), and quantity sold is (Hint: Please enter an integer.).
The revenue maximizing price for Day 3 is (Hint: Please keep one decimal point.), and quantity sold is (Hint: Please enter an integer.).
The revenue maximizing price for Day 4 is (Hint: Please keep one decimal point.), and quantity sold is (Hint: Please enter an integer.).
The revenue maximizing price for Day 5 is (Hint: Please keep one decimal point.), and quantity sold is (Hint: Please enter an integer.).
**Note that only 3,000 total units can be sold. The previous solution for this problem does not consider the fact that only 3,000 are available.