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 those prices, and 5) compare estimated results to actual results. The optimal price to maximize profit is higher than the price for maximum revenue. Applying these steps to sample data, the document estimates an optimal price of $8.35 would maximize profit of $722.