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01 Feb 2007, 18:01
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Peter’s Pots Inc. was in the wholesale business of selling pots for non seasonal plants. The following info is given about the company:
sales $13,600
profit $1088
volume sold 6800
With respect to pricing, a two percent decrease in the retail price of pots would result in a four percent increase in the volume sold. Similarly, a two percent increase in the price would cause a four percent decrease in the volume sold. At what price per pot would the firm maximize profit?
sales $13,600
profit $1088
volume sold 6800
With respect to pricing, a two percent decrease in the retail price of pots would result in a four percent increase in the volume sold. Similarly, a two percent increase in the price would cause a four percent decrease in the volume sold. At what price per pot would the firm maximize profit?
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This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
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02 Feb 2007, 17:43
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Profit = Sales - Cost
1088 = 13,600 - Cost
Cost = 13,600 - 1,088 = 12,512
Cost/pot = 12,512/6,800 = 1.84 {the cost of production will not change}
Profit/pot = 1,088/6,800 = 0.16
Sales/pot = 13,600/6,800 = 2
Case 1:
2% decrese Sales/pot (0.98 x 2 = 1.96) will make 4% increase in the volume sold (1.04 x 6,800 = 7,072)
Proft 2 = 7,072(1.96 - 1.84) = $848.64
Case 2:
2% increase Sales/pot (1.02 x 2 = 2.04) will make 4% decrease in the volume sold (0.96 x 6,800 = 6,528)
Profit 3 = 6,528(2.04 - 1.84) = $1,305.6
From this we can see that at Retail price increase 2% = $2.04 will generate the maximum profit.
1088 = 13,600 - Cost
Cost = 13,600 - 1,088 = 12,512
Cost/pot = 12,512/6,800 = 1.84 {the cost of production will not change}
Profit/pot = 1,088/6,800 = 0.16
Sales/pot = 13,600/6,800 = 2
Case 1:
2% decrese Sales/pot (0.98 x 2 = 1.96) will make 4% increase in the volume sold (1.04 x 6,800 = 7,072)
Proft 2 = 7,072(1.96 - 1.84) = $848.64
Case 2:
2% increase Sales/pot (1.02 x 2 = 2.04) will make 4% decrease in the volume sold (0.96 x 6,800 = 6,528)
Profit 3 = 6,528(2.04 - 1.84) = $1,305.6
From this we can see that at Retail price increase 2% = $2.04 will generate the maximum profit.
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Quantitative Questions Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
