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The weekly sales of Honolulu Red Oranges is given by q : 1,008 12p. Calculate the price elasticity of demand when the price is $28
The weekly sales of Honolulu Red Oranges is given by q : 1,008 12p. Calculate the price elasticity of demand when the price is $28 per orange (yes, $28 per orangeT). :l x Interpret your answer. The demand is going d ./ by :l X % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ |:l x Find this maximum revenue. $|:lx
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