I have everything right but the last question asking how many cases per week
The consumer demand equation for tissues is given by
q = (97 − p)^2,
where p is the price per case of tissues and q is the demand in weekly sales.
(a) Determine the price elasticity of demand E when the price is set at $34. (Round your answer to three decimal places.)
E = 1.079
Interpret your answer.
The demand is going ? down by 1.079 % per 1% increase in price at that price level.
(b) At what price should tissues be sold in order to maximize the revenue? (Round your answer to the nearest cent.)
$ 32.33
(c) Approximately how many cases of tissues would be demanded at that price? (Round your answer to the nearest whole number.)
? cases per week
To determine the number of cases of tissues demanded at the price that maximizes revenue, we need to substitute the price value into the demand equation and solve for q.
In this case, the price that maximizes revenue is $32.33, which we obtained in part (b).
The consumer demand equation is q = (97 - p)^2, where p is the price per case of tissues and q is the demand in weekly sales.
Substituting the price value into the demand equation:
q = (97 - 32.33)^2
Simplifying the equation:
q = (64.67)^2
Calculating:
q ≈ 4189.648
Rounding the answer to the nearest whole number:
q ≈ 4190 cases per week.
Therefore, approximately 4190 cases of tissues would be demanded per week at the price of $32.33.