The consumer demand equation for tissues is given by: q = (106 − 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 $32. (Round your answer to three decimal places.) E = ____?
The demand is going down by what percent 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.) $_____?
(c) Approximately how many cases of tissues would be demanded at that price? ____ cases per week?
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got to love economics :)
hmmmm the elasticity would be the change in quantity demanded divided by the change in price