The weekly sales of Honolulu Red Oranges is given by q = 1,116 12p Calculate the price elasticity of demand when the price is $31 per orange (yes, $31 per oranget). HINT [See Example 1.] Interpret your answer. The demand is going down Find this maximum revenue. $ 69 by Also, calculate the price that gives a maximum weekly revenue. $ % per 1% increase in price at that price level.

The weekly sales of Honolulu Red Oranges is given by q = 1,116 12p Calculate the price elasticity of demand when the price is $31 per orange (yes, $31 per oranget). HINT [See Example 1.] Interpret your answer. The demand is going down Find this maximum revenue. $ 69 by Also, calculate the price that gives a maximum weekly revenue. $ % per 1% increase in price at that price level.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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