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The weekly sales of Honolulu Red Oranges is given by q =90018 p . Calculate the price elasticity of demand when the price is$30per orange

The weekly sales of Honolulu Red Oranges is given by

q=90018p.

Calculate the price elasticity of demand when the price is$30per orange (yes,$30per orange). HINT [See Example 1.]

Interpret your answer.

The demand is going? by% per 1% increase in price at that price level.

Also, calculate the price that gives a maximum weekly revenue.

Find this maximum revenue.

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