Business, 12.05.2021 01:00 gonzmari457

During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the necklaces for $10 each and his sales averaged 20 per day. When he increased the price by $1 , he found that the average decreased by two sales per day. (a) (2 pts) Find the function of price in terms of sales (this is the demand function in Econ class), assuming that it is linear. (b) (3 pts) If the material for each necklace costs Terry $6, what should the selling price be to maximize his profit? (Hint: write revenue function = price × sales first, then write profit function = revenue - cost.)

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During the summer months Terry makes and sells necklaces on the beach. Last summer he sold the neckl...

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