[ ] v webassign.net Courses W HW16: Elasticity of Demand - MATH 1342, section 9U3, Spring 2023 | WebAssign Assignment Submission & Scoring Assignment Submission For this assignment, you submit answers by question parts. The number of submissions remaining for each question part only changes if you submit or change the answer. Assignment Scoring Your best submission for each question part is used for your score. 1. [15/25 Points] DETAILS PREVIOUS ANSWERS WANEAC7 5.6.002. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER The weekly sales of Honolulu Red Oranges is given by q = 1,044 - 12p. Calculate the price elasticity of demand when the price is $29 per orange (yes, $29 per oranget). 0.5 Interpret your answer. The demand is going down @ - by 0.5 % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ 60 X Find this maximum revenue. $ Need Help? Read It Watch It 2. [16.64/25 Points] DETAILS PREVIOUS ANSWERS WANEAC7 5.6.003. MY NOTES ASK YOUR TEACHER PRA Worldwide annual sales of smartphones over a two year period were approximately q = -4p + 3,040 million phones at a selling price of $p per phone. (a) Obtain a formula for the price elasticity of demand E. 4p E = 3040 - 4p