The first few weeks the price range for the backpack has been between $ 34-$50. This was not enough reasonable for the target market, because the production cost of the backpack was changing between $32-$38 dollars according to the features. This means I was not making any profit because both production and price cost were similar. From the start of fourth week, I realized the mistake I have been making and increased the price to $60. By the sixth week, the price was around$ 80 and this helped me increase my bank balance.
