Question: based upon market research the hawthorne company has determined that...
Based upon market research, the Hawthorne Company has determined
that consumers are willing to purchase 107 units of their portable
media player each week when the price is set at $58.60 per unit. At
a unit price of $6.00, consumers are willing to buy 370 units per
(a) Determine the weekly demand equation for this product, assuming price, p, and quantity, x, are linearly related.
(b) Determine the weekly revenue function.
(c) Determine the number of units consumers will demand weekly when the price is $46.00 per portable media player.
(d) Determine the number of units consumers will demand weekly when the revenue is maximized.
(e) Determine the price of each unit when the revenue is maximized.