I am struggling with these guestions. I don't know what I did wrong.

2. [11.43!14.28 Points] WANEFMACE 12.6.0133. The consumer demand equation for tissues is given by q = (95 p)2, where p is the price per case of tissues and q is the demand in weekly sales. (a) Deten'nlne the price elasticity of demand Ewhen the price is set at $31. (Round your answer to three decimal places.) E= 0.96875 J Interpret your answer. The demand Is going down a J by 0.963% J '34: per 1% increase In price at that price level. [b] Atwhat price should tissues be sold In order to maximize the revenue? (Round your answer to the nearest cent.) $ 3130 x (c) Approximately how many cases of tissues would he demanded at that price? (Round your answer to the nearest whole number.) 4012 J cases per week Need Help? 3. [1 1 .9\" 4.28 Points] PREVIOUS ANSWERS WAN EFMACE 12.6.0135. I PRACTICE ANOTHE The Physics Club sells E = mcz T-shirts at the local ea 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 + 30p (9 Sp 5 15). Here, p is the price the club charges per Tshirt, and q is the number it an sell each day at the ea market. (a) Obtain a formula for the price elasticity of demand for E = "7112 T-shlrts. E=1 x (b) Compute the elasticity of demand If the price is set at $9 per shirt. (Round your answer to two decimal places.) 0.5 J Interpret the result. The demand for E = m2 Tshlrm is going down a 'I by about 0.5 f % per 1% increase in the price. (a) How much should the Physics Club charge for the T-shir'ts in order to obtain the maximum daily revenue? $10 u! what will the revenue he? s 1000 Need Help? 5. [113114.23 Points] wmmm. [:m The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = size391 + p, where q is the demand In monthly sales and p is the retail price In hundreds of yen. (a) Determine the price elasticity uf demand E when the retail price is set at 6OD. E = 210 J Interpret your answer. The demand ls going dawn a J by 210 I % per 1% Increase In price at that price level. Thus, a large price decrease a J ls advised. (b) At what price will revenue be a maximum? .5 'I 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.) 59.44 x paint-by-number sets per month Need Help? 7. [9.55/14.32 Points] DETAILS PREVIOUS ANSWERS WANEFMAC6 12.6.015. MY NOTES PRACTICE ANOTHER You have been hired as a marketing consultant to Johannesburg Burger Supply, Inc., and you wish to come up with a unit price for its hamburgers in order to maximize its weekly revenue. To make life as simple as possible, you assume that the demand equation for Johannesburg hamburgers has the linear form q = mp + b, where p is the price per hamburger, q is the demand in weekly sales, and m and b are certain constants you must determine. (a) Your market studies reveal the following sales figures: When the price is set at $2.00 per hamburger, the sales amount to 7000 per week, but when the price is set at $4.00 per hamburger, the sales drop to zero. Use these data to calculate the demand equation. q = 0 X (b) Now estimate the unit price that maximizes weekly revenue. $ 2 Predict what the weekly revenue will be at that price. $ 14000 Need Help? Talk to a Tutor