The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e-3p + P, where g 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 ¥200. E = Interpret your answer. The demand is going ? O by % per 1% increase in price at that price level. Thus, a large price ? e 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
The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e-3p + P, where g 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 ¥200. E = Interpret your answer. The demand is going ? O by % per 1% increase in price at that price level. Thus, a large price ? e 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
Calculus: Early Transcendentals
8th Edition
ISBN:9781285741550
Author:James Stewart
Publisher:James Stewart
Chapter1: Functions And Models
Section: Chapter Questions
Problem 1RCC: (a) What is a function? What are its domain and range? (b) What is the graph of a function? (c) How...
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Question
![The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q =
95e-3p- + 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 ¥200.
E =
Interpret your answer.
The demand is going ?
O by
% per 1% increase in price at that price level. Thus, a large price ?
O 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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fcbaaf3a5-97a4-44d4-82b4-c685cbb2fa1a%2Ff9d3b35d-0370-4622-b2ef-d35e79dca883%2F9t4rtpo_processed.png&w=3840&q=75)
Transcribed Image Text:The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q =
95e-3p- + 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 ¥200.
E =
Interpret your answer.
The demand is going ?
O by
% per 1% increase in price at that price level. Thus, a large price ?
O 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
Expert Solution
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Step 1
Given by the formula q=95e^(-3p^2+p).
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