calculus question
The consumer demand equation for tissues is given by
q = (96 − 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 $31. (Round your answer to three decimal places.)
E = __________
Interpret your answer.
(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
Interpret your answer.
The demand is going down by __________ % 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
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