Jewel Co has already carried out some market research and identified that sales quantities are expected to vary depending on the price charged. Consequently, the following data has been established for the first month:
Required:
(a) Calculate how many batches Jewel Co should import and sell. (6 marks)
(b) Explain why Jewel Co could not use the algebraic method to establish the optimum price for its product.
(4 marks)