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Question: The camera shop sells two popular models of digital SLR cameras. The sales of these products are not independent; if price of one increases, the sales of the other increases. In economics these two camera models are called subsitutable products. The store wishes to establish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationship between the quantity sold (N) and price (P) of each model:
Na=195-.06Pa+.25Pb
Nb=301+.08Pa-.5Pb
A) Construct a model for the total revenue and implement it on a spreadsheet.
B) Develop a two way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in inccrements of $10.
All of this has to be done in excel but I don't understand how to get an answer without a set quantity.
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