4. [-15 Points) DETAILS WANEAC7 5.6.001. 0/6 Submissions Used MY NOTES The weekly sales of Honolulu Red Oranges is given by q = 1152 - 18p. Calculate the price elasticity of demand when the price is $32 per orange (yes, $32 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. $ 5. [1/6 Points) DETAILS PREVIOUS ANSWERS WANEAC7 5.6.016. 1/6 Submissions Used MY NOTES The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 102P 3p?/2, where 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 = 269700 Interpret your answer. The demand is going down by 269700 x % per 1% increase in price at that price level. Thus, a large price increase X is advised. (b) At what price will revenue be a maximum? (Round your answer to the nearest integer.) .77 x 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.) 62 X paint-by-number sets per month Need Help? Watch It