An electronics store sells two popular models of wireless headphones, model A and model B. The sales of these products are not independent of each other (in economics, we call these substitutable products because if the price of one increases, sales of the other will increase). The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and prices (P) of each model: NA = 16-0.62PA + 0.32PB NB = 34 +0.09PA -0.61PB Develop a spreadsheet for calculating the total revenue if PA = $18 and PB = $28. Design it so that the price-demand function parameters can easily be changed. Complete the spreadsheet below. (Type integers or decimals. Round the quantities to the nearest integer as needed. Do not include the $ symbol in your answers.) A B D E F G 1 23 Model Price Model Parameters for QTY Sold Constant Coeff Price A Coeff Price B Quantity Sold Revenue A 4 B 5 Total Revenue

An electronics store sells two popular models of wireless headphones, model A and model B. The sales of these products are not independent of each other (in economics, we call these substitutable products because if the price of one increases, sales of the other will increase). The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and prices (P) of each model: NA = 16-0.62PA + 0.32PB NB = 34 +0.09PA -0.61PB Develop a spreadsheet for calculating the total revenue if PA = $18 and PB = $28. Design it so that the price-demand function parameters can easily be changed. Complete the spreadsheet below. (Type integers or decimals. Round the quantities to the nearest integer as needed. Do not include the $ symbol in your answers.) A B D E F G 1 23 Model Price Model Parameters for QTY Sold Constant Coeff Price A Coeff Price B Quantity Sold Revenue A 4 B 5 Total Revenue

Linear Algebra: A Modern Introduction

4th Edition

ISBN:9781285463247

Author:David Poole

Publisher:David Poole

Chapter2: Systems Of Linear Equations

Section2.4: Applications

Problem 23EQ: 23. Consider a simple economy with just two industries: farming and manufacturing. Farming consumes...

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