The consumer demand equation for tissues is given by q = (110 – 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 $27. (Round your answer to three decimal places.) E = -1.074 Interpret your answer. The demand is going up 8 x by -1.074 X % per 1% increase in price at that price level. (b) At what price should tissues be sold in order to maximize the revenue? (Round your answer to the nearest cent.) (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) cases per week
The consumer demand equation for tissues is given by q = (110 – 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 $27. (Round your answer to three decimal places.) E = -1.074 Interpret your answer. The demand is going up 8 x by -1.074 X % per 1% increase in price at that price level. (b) At what price should tissues be sold in order to maximize the revenue? (Round your answer to the nearest cent.) (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) cases per week
Trigonometry (MindTap Course List)
10th Edition
ISBN:9781337278461
Author:Ron Larson
Publisher:Ron Larson
Chapter6: Topics In Analytic Geometry
Section: Chapter Questions
Problem 33CT
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