This document outlines a 5-step process for determining the optimal price for a product to maximize profit or revenue. The steps are: 1) find critical points of the revenue and profit functions, 2) analyze historical price and demand data, 3) calculate the estimated optimal prices, 4) determine estimated revenue and profit using these prices, and 5) compare estimated to actual revenue and profit curves. The optimal price to maximize profit is higher than for revenue. The example calculates optimal prices of $8.35 for profit and $6.35 for revenue using a linear demand curve estimated from historical data.