MATH 148
View the step-by-step solution to:

# 2 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

The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 95e−3p2 + 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 ¥300.

E =

The demand is going

? up down

by  % per 1% increase in price at that price level. Thus, a large price

? increase decrease

(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

2 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 ¥300. E= x Interpret you r a nswer. The demand is going I down :| ‘1 by % per 1% increase in price at that price level. Thus, a large price ./ 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 Need Help?

### Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

### -

Educational Resources
• ### -

Study Documents

Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

Browse Documents