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The weekly sales of Honolulu Red Oranges is given by q = 1120 − 20p. Calculate...

The weekly sales of Honolulu Red Oranges is given by q = 1120 − 20p.

Calculate the price elasticity of demand when the price is $28 per orange (yes, $28 per orange†).

Interpret your answer. The demand is going (up or down) by ____ % per 1% increase in price at the price level.

Also, calculate the price that gives a maximum weekly revenue. $____

Find this maximum revenue. $_____

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