Your company manufactures two models of speakers, the Ultra Mini and the Big Stack. Demand for each depends partly on the price of the other. If one is expensive, then more people will buy the other. If p1 is the price of the Ultra Mini, and p2 is the price of the Big Stack, demand (quantity sold) for the Ultra Mini is given by q1 = 100,000 − 100p1 + 10p2 where q1 represents the number of Ultra Minis that will be sold in a year. The demand (quantity sold) for the Big Stack is given by q2 = 150,000 + 10p1 − 100p2. Find the prices for the Ultra Mini and the Big Stack that will maximize your total revenue. Remember that revenue for each item is price*quantity. (Round your answers to two decimal places.)

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Pricing

Pricing is used as a term in finance and economics, pricing is the process of fixing a value for a product or a service. Pricing establishes a value for a product or service that the customer has to pay. A business can choose from different strategies while deciding to set prices.