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
Chapter6: Systems Of Equations And Inequalities
Section: Chapter Questions
Problem 21T: A manufacturer produces two models of television stands. The table at the left shows the times (in...
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Transcribed Image Text: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
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