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The weekly sales of Honolulu Red Oranges is given by q =868?20 p . Calculate the price elasticity of demand when the price is $31

The weekly sales of Honolulu Red Oranges is given by

q=868?20p.

Calculate the price elasticity of demand when the price is$31per orange (yes,$31per orange?).

Interpret your answer.

The demand is goingdown by(????)% per 1% increase in price at that price level.

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

Find this maximum revenue.

?

image text in transcribed
The weekly sales of Honolulu Red Oranges ls given by q = 863 20p. Calculate the price elasticity of demand when the price ls $31 per orange (yes, $31 per orange't]. HINT [See Example 1.] Interpret your answer. The demand is going down 3 .f 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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