For most products, higher prices result in a decreased demand, whereas lower prices result in an increased demand. let

d = annual demand for a product in units

p = price per unit

assume that a firm accepts the following price-demand relationship as being realistic:

d = 800 - 10p

where p must be between $20 and $70.

how many units can the firm sell at the $20 per-unit price? round your answer to the nearest whole number.

d = units

at the $70 per-unit price? round your answer to the nearest whole number.

d = units

what happens to annual units demanded for the product if the fim increases the per unit price from $26 to $27?

if the firm increases the per unit price from $26 to $27, the number of units the firm can sell __by__ .

from $42 to $43?

if the firm increases the per unit price from $42 to $43, the number of units the firm can sell __ by__ .

what is the suggested relationship between the per-unit price and annual demand for the product in units?

this suggests that the relationship between the per-unit price and annual demand for the product in units is __ between $20 and $70 and that annual demand for the product __ by __ units when the price is increased by $1.

show the mathematical model for the total revenue (tr), which is the annual demand multiplied by the unit price. express your answer in terms of p.

tr = __

based on other considerations, the firm’s management will only consider price alternatives of $30, $40, and $50. use your model from part (c) to determine the price alternative that will maximize the total revenue.

total revenue is maximized at the $ __ price.

what are the expected annual demand and the total revenue corresponding to your recommended price?

round your answer to the nearest whole number.

d =

round your answer to the nearest dollar.

tr = $