The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 104ep 3p2/2, where q is the demand in monthly sales and p is the retail price in yen. (a) Determine the price elasticity of demand E when the retail price is set at 3 yen. E =

Interpret your answer. The demand is going ? 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? (Round your answer to two decimal places.) 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