Mathematics, 14.03.2020 04:44 vanessafalcon1198
The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 102e−3p2 + 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 ¥300.
E =
Interpret your answer.
The demand is going (down/up)by % per 1% increase in price at that price level. Thus, a large priceis advised.
(b) At what price will revenue be a maximum?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.) paint-by-number sets per month
Answers: 3
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The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 102e−3p2 +...
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