Maximillian
New member
The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula
q = 99e-3p2 + p,
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 ?2.
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 (b)?
q = 99e-3p2 + p,
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 ?2.
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 (b)?