Homework Help is Here – Start Your Trial Now!
Business
Operations Management
Booktopia, a bookstore in Melbourne, has a new collection of 200 books to sell. The management staff need to make a decision about which price range to sell for. The prices need to be balanced between making a maximum profit, which might discourage sales, and making a minimum profit which will increase the number of books sold. The data is in the screenshot Use the 2 variable data table method to calculate the total profit for different percentages of books sold with different highest prices. Choose the correct results to fill in the table below. Note that you may need to adjust the Data Table in the screenshot on excel, including the percentages and prices.

Booktopia, a bookstore in Melbourne, has a new collection of 200 books to sell. The management staff need to make a decision about which price range to sell for. The prices need to be balanced between making a maximum profit, which might discourage sales, and making a minimum profit which will increase the number of books sold. The data is in the screenshot Use the 2 variable data table method to calculate the total profit for different percentages of books sold with different highest prices. Choose the correct results to fill in the table below. Note that you may need to adjust the Data Table in the screenshot on excel, including the percentages and prices.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
See similar textbooks
icon
Related questions
Question

q9- 

Booktopia, a bookstore in Melbourne, has a new collection of 200 books to sell.

The management staff need to make a decision about which price range to sell for. The prices need to be balanced between making a maximum profit, which might discourage sales, and making a minimum profit which will increase the number of books sold.

The data is in the screenshot

Use the 2 variable data table method to calculate the total profit for different percentages of books sold with different highest prices. Choose the correct results to fill in the table below.

Note that you may need to adjust the Data Table in the screenshot on excel, including the percentages and prices.

 

 

Total number of books Highest Price Lowest Price 200 % sold with the highest price 60% 70% 80% Number of books Total Profit 60% 120 80 Unit Price Use Data-Table to calculate the total profit for different percentages of books sold with different highest prices. $20 $50 $20 $40 Profit $600 $160 $760 $60
Transcribed Image Text:Total number of books Highest Price Lowest Price 200 % sold with the highest price 60% 70% 80% Number of books Total Profit 60% 120 80 Unit Price Use Data-Table to calculate the total profit for different percentages of books sold with different highest prices. $20 $50 $20 $40 Profit $600 $160 $760 $60
20% 30% 40% $25 ¶ $35 ⠀ : $45 :
Transcribed Image Text:20% 30% 40% $25 ¶ $35 ⠀ : $45 :
Expert Solution
steps

Step by step

Solved in 4 steps with 8 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Practical Management Science
Practical Management Science
Operations Management
ISBN:
9781337406659
Author:
WINSTON, Wayne L.
Publisher:
Cengage,
Operations Management
Operations Management
Operations Management
ISBN:
9781259667473
Author:
William J Stevenson
Publisher:
McGraw-Hill Education
Operations and Supply Chain Management (Mcgraw-hi…
Operations and Supply Chain Management (Mcgraw-hi…
Operations Management
ISBN:
9781259666100
Author:
F. Robert Jacobs, Richard B Chase
Publisher:
McGraw-Hill Education
Business in Action
Business in Action
Operations Management
ISBN:
9780135198100
Author:
BOVEE
Publisher:
PEARSON CO
Purchasing and Supply Chain Management
Purchasing and Supply Chain Management
Operations Management
ISBN:
9781285869681
Author:
Robert M. Monczka, Robert B. Handfield, Larry C. Giunipero, James L. Patterson
Publisher:
Cengage Learning
Production and Operations Analysis, Seventh Editi…
Production and Operations Analysis, Seventh Editi…
Operations Management
ISBN:
9781478623069
Author:
Steven Nahmias, Tava Lennon Olsen
Publisher:
Waveland Press, Inc.
SEE MORE TEXTBOOKS