The pounds of bananas sold each week at all Metro Seattle Albertsons stores as a function of price, $ p $, in dollars/pound (lb.), is given by\[ q(p) = 100e^{1.5(5-p)} \]1. What is the price elasticity of demand for bananas at $0.20/lb.? \_\_\_\_\_\_ (nearest 0.01) Bananas are [Select an answer] at that price?2. What is the price elasticity of demand for bananas at $1/lb.? \_\_\_\_\_\_ Bananas are [Select an answer] at that price?3. At what price is the maximum revenue per week achieved? \_\_\_\_\_\_ ± $0.014. What is that maximum revenue per week? \_\_\_\_\_\_5. How many pounds will be sold each week at that optimal price? \_\_\_\_\_\_ Notes:- The function $ q(p) $ uses the exponential form to model sales relative to price.- The questions focus on understanding the elasticity of demand, optimal pricing, and corresponding quantities and revenues.- Check calculations using the standard elasticity formula and graphical analysis if available.

Given: Pounds of banana sold per week: qp=100 e1.55-p Here, p denotes the price in dollars. To…

Answered: The pounds of bananas sold each week at…

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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