Market Research:
You have an apple orchard. You let people pick their own apples.When you let people pick a small bag for $6, there were 6,316 smallbags sold. You do some market research and find that a $0.25increase in price means 235 fewer small bags of apples sold. Recallthat revenue is quantity sold X Price perquantity. If we let x be the number of $0.25 increases ordecreases from $6 and R be revenue, then answer the followingquestions:
A) What equation represents what you expect the revenue to bebased on your research?
B) Based on your answer in A, if you charge $5.75 (x= -1) howmuch do you expect the revenue to be?
C) At what price or prices will you have $30,000 in sales, Ifyour expectations listed above are true?
I would appreciate any and all help. If you give the answers,could you please show work and explain how you got them? I did mybest in trying to re-write the questions (my professor doesnt havegreat grammar.)
