An Electronics Store Sells Two Models of Television

question 37

Essay

An electronics store sells two models of television. The sales of these two models, X and Y, are dependent, that is, if the price of one increases, the demand for the other increases. A study is made to find the relationship between the demand (D) and the price (P) in order to maximize the revenue from these products. The result of the study is shown below.
D_X = 476 - 0.54 P_X + 0.22 P_Y
D_Y = 601 + 0.12 P_X - 0.54 PY
a. Construct a model for the total revenue and implement it on a spreadsheet.
b. Develop a two-way data table to estimate the optimal prices of each of the two products in order to maximize the total revenue. Vary price of each product from $600 to $900 in increments of $50.

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Definitions:

Microlearning

A method of delivering education in small, bite-sized learning units, typically allowing learners to address specific needs or knowledge gaps in a concise format.

Bite-sized Chunks

Small, easily digestible units of information or tasks, making learning or completing tasks more manageable and less overwhelming.

Learning Outcomes

The specific knowledge, skills, attitudes, and values that learners are expected to acquire from an educational or training program.

Web Conferencing

A technology that allows users in different locations to hold face-to-face meetings without needing to move to a single location physically.