The consumer demand equation for tissues is given by q = (110-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-0.619 Interpret your answer. The demand is going down by 0.619 % per 1% increase in price at that price level. (b) At what price should tissues be sold to maximize the revenue? (Round your answer to the nearest cent.) $37 x (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) 5329 X cases per week

The consumer demand equation for tissues is given by q = (110-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-0.619 Interpret your answer. The demand is going down by 0.619 % per 1% increase in price at that price level. (b) At what price should tissues be sold to maximize the revenue? (Round your answer to the nearest cent.) $37 x (c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.) 5329 X cases per week

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 3SQP

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