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The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q =...

The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95ep − 3p2/2, where q is the demand in monthly sales and p is the retail price in yen.

(a) Determine the price elasticity of demand E when the retail price is set at 4 yen.

E = ?

The demand is going down by ? % per 1% increase in price at that price level. Thus, a large price decrease is advised.

(b) At what price will revenue be a maximum? (Round your answer to two decimal places.) ? 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

Thanks,

Math   Calculus   
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