Question

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   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
1. The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula :...
1. The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula : q = 96e−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 ¥500. (b.) At what price will revenue be a maximum? (c.) Approximately how many paint-by-number sets will be sold per month at the price in part...
The consumer demand equation for tissues is given by q = (96 − p)2, where p...
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. The demand is going by % per 1% increase in price at that price level. (b) At what price should tissues be...
Given the following demand function: P=1000-20Q Where: P: price in US $ Q: monthly sales a)...
Given the following demand function: P=1000-20Q Where: P: price in US $ Q: monthly sales a) What is the price elasticity of demand at a price of $500? b) At what price, if any, is the price elasticity of demand equal to one?
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. $_____
The weekly sales of Honolulu Red Oranges is given by q = 1155 − 21p. Calculate...
The weekly sales of Honolulu Red Oranges is given by q = 1155 − 21p. Calculate the price elasticity of demand when the price is $30 per orange (yes, $30 per orange†). HINT [See Example 1.] Interpret your answer. The demand is going down: by % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $
The demand curve for original Iguanawoman comics is given by q = (342 − p)2 50...
The demand curve for original Iguanawoman comics is given by q = (342 − p)2 50       (0 ≤ p ≤ 342) where q is the number of copies the publisher can sell per week if it sets the price at $p. (a) Find the price elasticity of demand when the price is set at $38 per copy. (Round your answer to two decimal places.) (b) Find the price at which the publisher should sell the books to maximize weekly revenue....
The demand curve for original Iguanawoman comics is given by q=. (460 − p)2 150       (0...
The demand curve for original Iguanawoman comics is given by q=. (460 − p)2 150       (0 ≤ p ≤ 460) where q is the number of copies the publisher can sell per week if it sets the price at $p. (a) Find the price elasticity of demand when the price is set at $38 per copy. (Round your answer to two decimal places.) (b) Find the price at which the publisher should sell the books to maximize weekly revenue. (Round...
The demand curve for original Iguanawoman comics is given by q = (470 − p)^2/150 (0...
The demand curve for original Iguanawoman comics is given by q = (470 − p)^2/150 (0 ≤ p ≤ 470) where q is the number of copies the publisher can sell per week if it sets the price at $p. (a) Find the price elasticity of demand when the price is set at $33 per copy. (Round your answer to two decimal places.) (b) Find the price at which the publisher should sell the books to maximize weekly revenue. (Round...
The demand curve for original Iguanawoman comics is given by q = (418 − p)2 50...
The demand curve for original Iguanawoman comics is given by q = (418 − p)2 50 (0 ≤ p ≤ 418) where q is the number of copies the publisher can sell per week if it sets the price at $p. (a) Find the price elasticity of demand when the price is set at $37 per copy. (Round your answer to two decimal places.) (b) Find the price at which the publisher should sell the books to maximize weekly revenue....
Demand for your tie-dyed T-shirts is given by the formula q = 520 − 100p0.5 where...
Demand for your tie-dyed T-shirts is given by the formula q = 520 − 100p0.5 where q is the number of T-shirts you can sell each month at a price of p dollars. If you currently sell T-shirts for $15 each and you raise your price by $2 per month, how fast will the demand drop? (Round your answer to the nearest whole number.) dq dt = T-shirts per month
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT