The estimated monthly sales of mona lisa paint-by-number, Ask an Expert

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The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 98e−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 ¥700. E = Incorrect: Your answer is incorrect. Interpret your answer. The demand is going Correct: Your answer is correct. by % per 1% increase in price at that price level. Thus, a large price Correct: Your answer is correct. is 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

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91870053

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