The consumer demand equation for tissues is given by q = (94 — 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 $26. (Round your answer to three decimal places.) E=-x Interpret your answer. The demand is going – V by – X % per 1% increase in price at that price level. (b) At what price should tissues be sold in order to maximize the revenue? (Round your answer to the nearest cent.) $Ix (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.)
The consumer demand equation for tissues is given by q = (94 — 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 $26. (Round your answer to three decimal places.) E=-x Interpret your answer. The demand is going – V by – X % per 1% increase in price at that price level. (b) At what price should tissues be sold in order to maximize the revenue? (Round your answer to the nearest cent.) $Ix (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.)