The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 98e-3p +P, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) Determine the price elasticity of demand E when the retail price is set at ¥400. E = Interpret your answer. The demand is going down vv by x % per 1% increase in price at that price level. Thus, a large price decrease v is advised. (b) At what price will revenue be a maximum? x hundred yen (c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.) x paint-by-number sets per month

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Equations and Inequations

Equations and inequalities describe the relationship between two mathematical expressions.

Linear Functions

A linear function can just be a constant, or it can be the constant multiplied with the variable like x or y. If the variables are of the form, x2, x1/2 or y2 it is not linear. The exponent over the variables should always be 1.