Describe the Form of some ordinary objects around you, in accordance with Plato’s theory. How do you know whether an object is defined by one Form or another? What can….
Discuss the difference in prices obtained in parts (a) and (b).
A women’s clothing retail chain has collected data on pricing and sales over the last five years at its flagship store in Charleston, S.C. These data were used to estimate a regression equation that relates price to demand. The following estimated equation relates demand to the price for summer dresses:
Y = 51,000 – 21.89p
Where Y 5the demand for summer dresses and p 5the price per dress. Summer dresses cost $210. The data also show that when a summer dress is sold, on average one pair of shoes and one purse are sold with the dress. The profit on a pair of shoes is $18 and the profit on a purse is $26.
a. What is the profit-maximizing price for dresses, ignoring the profit associated with the accompanying shoe and purse?
b. What is the profit-maximizing price for dresses taking into account the accompanying shoe and purse purchases?
c. Discuss the difference in prices obtained in parts (a) and (b).