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The Physics Club sells E = mc? T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 sps 15). Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) 0.2 Interpret the result. The demand for E = mc? T-shirts is going down e by about 0.2 % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? $ What will the revenue be? $

The Physics Club sells E = mc? T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 sps 15). Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) 0.2 Interpret the result. The demand for E = mc? T-shirts is going down e by about 0.2 % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? $ What will the revenue be? $

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter1: Equations And Graphs
Section1.3: Lines
Problem 92E
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I'm having some trouble maximum daily revenue, I know it's when E=1 so you just set the elastic equation equal to 1 but I keep getting wrong. Maybe there's a simple way, also I'm not sure what part A is asking for. Thank you ahead of time. 

The Physics Club sells E = mc² T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 < p< 15). Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) 0.2 Interpret the result. The demand for E = mc2 T-shirts is going down by about 0.2 % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? $ What will the revenue be? $
Transcribed Image Text:The Physics Club sells E = mc² T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 < p< 15). Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) 0.2 Interpret the result. The demand for E = mc2 T-shirts is going down by about 0.2 % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue? $ What will the revenue be? $
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