The price of the chairs and the quantity that maximizes profit is to sell 45 chairs at $75 each.
Profit
Given that a furniture store can sell 40 chairs per week at a price of $80 each, and the manager estimates that for each and $5 price reduction, she can sell five more chairs per week, and the chairs cost the store $30 each, to determine the price of the chairs and the quantity that maximize profit, the following calculation must be made:
- 40 x (80-30) = 2000
- 45 x (75-30) = 2025
- 50 x (70-30) = 2000
- 55 x (65-30) = 1925
Therefore, the price of the chairs and the quantity that maximizes profit is to sell 45 chairs at $75 each.
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