We have 3,000 units of product to sell over a five-day period. From historical sales data, we have estimated the following demand curves:
P = price/unit in $,
Q = number of units sold.
Day 1: P = 10−0.01 Q
valid for prices between $3 and $8.
Day 2: same as Day 1.
Day 3: P = 15−0.01Q
valid for prices between $6 and $10
Day 4: P = 20−0.01Q
valid for prices between $6 and $12
Day 5: same as Day 1.
1) The revenue maximizing price for Day 1 is _________ (Hint: Please keep one decimal point.), and quantity sold is ________ (Hint: Please enter an integer.).
2) The revenue maximizing price for Day 2 is ___________ (Hint: Please keep one decimal point.), and quantity sold is ________ (Hint: Please enter an integer.).
3) The revenue maximizing price for Day 3 is __________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).
4) The revenue maximizing price for Day 4 is __________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).
5) The revenue maximizing price for Day 5 is ____________ (Hint: Please keep one decimal point.), and quantity sold is _________ (Hint: Please enter an integer.).