A manufacturer of a new electronic product PONITES conducted a market research survey to determine purchase likelihood of its new brand for different…

A manufacturer of a new electronic product PONITES conducted a market research survey to determine purchase likelihood of its new brand for different prices. The survey results are indicated below. If all potential customers purchase, 3 million units would be sold. The company expects variable product costs to be $350. Traditionally, the company prices at 200% of variable cost ($700 in this case) and the finance department insists that this maximizes profits. Is the finance department correct? Create a table using the data below and include expected sales and expected gross margin. What is the profit maximizing price?PriceWould Buy0.10.20.30.40.50.60.70.80.91