What is the maximum weekly profit? What is the wholesale price per sleeping bag that should be charged to realize the maximum weekly profit? Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows theprice-demand and total cost data, where:• p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of r sleeping bags;. Cis the total cost (in dollars) of producing r sleeping bags.a(sleeping bags)p ($)C ($)9524013,00012023514,30018015518,5002205021.000Price ModelFind a quadratic regression equation for the price-demand data, using z as the independent variable.p = a + bx + czRound a to the nearest integeround b to 2 decimal places, and round e to 4 decimal places.Revenue ModelUsing the regression model computed above, find a model for the weekly revenue, using a as theindependent variable.NOTE: Do not calculate another regression. Use the price equation to find a model for revenueR(z) = p.r.R(z) = p.r=(a+ bz + cx?)r ax + bx? + cz³Cost ModelFind a linear regression model for the weekly cost data, using a as the independent variable.C(x) = mx +kRound m to 1 decimal place, and round k to the nearest integer.* Accessibility:. Investigatenere to searchN Profit ModelUse the models computed to find a model for the weekly profit, using a as the independent variable.P(x) = r+ ux + sx2 +tx3NOTE: Do not calculate another regression. Use the fact that profit is revenue minus cost.Round r to the nearest integer, round u to 1 decimal place, round s to 2 decimal places, and round tto 4 decimal places.The weekly profit model has roots at x =-52.789, a 47.555, and x = 202.944, rounded to 3decimal places.The marginal weekly profit model has roots at a = -8.488 and a 140.295, rounded to 3decimal places.What is the maximum weekly profit? Round to the nearest dollar.24What is the wholesale price per sleeping bag that should be charged to realize the maximum weeklyprofit? Round to the nearest cent.per sleeping bagLo* Accessibility: Investigateere to searçch

Given, x is sleeping bags p is price and c is cost

Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: • p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of z sleeping bags: C is the total cost (in dollars) of producing z sleeping bags.

Yaster Outfitters manufactures and sells extreme-cold sleeping bags. The table below shows the price-demand and total cost data, where: • p is the wholesale price (in dollars) of a sleeping bag for a weekly demand of z sleeping bags: C is the total cost (in dollars) of producing z sleeping bags.

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter2: Fundamental Economic Concepts

Section: Chapter Questions

Problem 2E

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