In her spare time, your colleague is selling hand-carved wooden boxes on Etsy. The boxes are currently priced at $30/box. Your colleague is not happy with their current revenue stream and asks for your advice. You estimate that demand for your colleague's hand-carved wooden boxes is: Q = 800 - 20P. If your colleague is looking to maximize revenue, how should they price their wooden boxes? Keep prices at $30/box Lower prices to $20/box Raise price to $40/box Lower price to $25/box

In her spare time, your colleague is selling hand-carved wooden boxes on Etsy. The boxes are currently priced at $30/box. Your colleague is not happy with their current revenue stream and asks for your advice. You estimate that demand for your colleague's hand-carved wooden boxes is: Q = 800 - 20P. If your colleague is looking to maximize revenue, how should they price their wooden boxes? Keep prices at $30/box Lower prices to $20/box Raise price to $40/box Lower price to $25/box

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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