(a) Obtain a formula for the price elasticity of demand for E = mc² T-shirts. 4p – 33 — 2р + 33 E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc2 T-shirts is going down ♥ by about 0.54 X % per 1% increase in the price (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? $ 8.25 What will the revenue be? $ 1122
(a) Obtain a formula for the price elasticity of demand for E = mc² T-shirts. 4p – 33 — 2р + 33 E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc2 T-shirts is going down ♥ by about 0.54 X % per 1% increase in the price (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? $ 8.25 What will the revenue be? $ 1122
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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Transcribed Image Text:The Physics Club sells E = mc2 T-shirts at the local flea market. Unfortunately, the club's previous administration has been
losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals
the following demand equation for the T-shirts.
q = -2p2 + 33p
(9 <p< 15)
Here, p is the price the club charges per T-shirt, and g is the number it can sell each day at the flea market.
(a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts.
4p – 33
— 2р + 33
E =
(b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.)
Interpret the result.
The demand for E = mc? T-shirts is going down v
by about 0.54
X % per 1% increase in the price.
(c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue?
$ 8.25
What will the revenue be?
$ 1122
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