Jim's Camera shop sells two high-end cameras, the Sky Eagle and Horizon. The demands for these two cameras are as follows ( DS = demand for the Sky Eagle, Ps is the selling price of the Sky Eagle, DH is the demand for the Horizon, and PH is the selling price of the Horizon):
Ds = 220 - 0.5 Ps + 0.15 PH
DH = 275 + 0.2 Ps - 0.52 PH
The store wishes to determine the selling price that maximizes revenue for these two products.
Model: Ps Ds + PH DH = Ps (220 - 0.5 Ps + 0.15 PH ) + PH (275 + 0.2 Ps - 0.52 PH )
Find the prices that maximize revenue.
Do not round intermediate calculations. If required, round your answers to two decimal places.
1. Selling price of the Sky Eagle ( Ps ): ???
2. Selling price of the Horizon ( PH ): ???
3. Total Revenue: = ???