The consumer demand equation for tissues is given by q = (104 – p)², where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $30. (Round your answer to three decimal places.) E = Interpret your answer. The demand is going down v by x % per 1% increase in price at that price level.
The consumer demand equation for tissues is given by q = (104 – p)², where p is the price per case of tissues and q is the demand in weekly sales. (a) Determine the price elasticity of demand E when the price is set at $30. (Round your answer to three decimal places.) E = Interpret your answer. The demand is going down v by x % per 1% increase in price at that price level.
Chapter3: Functions
Section3.2: Domain And Range
Problem 61SE: The cost in dollars of making x items is given by the function Cx)=10x+500. a. The fixed cost is...
Related questions
Question
Transcribed Image Text:The consumer demand equation for tissues is given by g = (104 – p)2, where p is the price per case of tissues and q is the demand in weekly sales.
(a) Determine the price elasticity of demand E when the price is set at $30. (Round your answer to three decimal places.)
E =
Interpret your answer.
The demand is going down v
by
X % per 1% increase in price at that price level.
(b) At what price should tissues be sold to maximize the revenue? (Round your answer to the nearest cent.)
34.67
(c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.)
4807.11
cases per week
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Glencoe Algebra 1, Student Edition, 9780079039897…
Algebra
ISBN:
9780079039897
Author:
Carter
Publisher:
McGraw Hill
Algebra: Structure And Method, Book 1
Algebra
ISBN:
9780395977224
Author:
Richard G. Brown, Mary P. Dolciani, Robert H. Sorgenfrey, William L. Cole
Publisher:
McDougal Littell
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning