The weekly sales of Honolulu Red Oranges is given by q = 1,044 – 12p. Calculate the price elasticity of demand when the price is $29 per orange (yes, $29 per oranget). Interpret your answer. The demand is going ? by | % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $

The weekly sales of Honolulu Red Oranges is given by q = 1,044 – 12p. Calculate the price elasticity of demand when the price is $29 per orange (yes, $29 per oranget). Interpret your answer. The demand is going ? by | % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The weekly sales of Honolulu Red Oranges is given by q = 1,044 – 12p. Calculate the price elasticity of demand when the
price is $29 per orange (yes, $29 per oranget).
Interpret your answer.
The demand is going ?
v by
% per 1% increase in price at that price level.
Also, calculate the price that gives a maximum weekly revenue.
Find this maximum revenue.

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