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  3. the estimated monthly sales of mona lisa paint-by-

The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 105ep...

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Basic Math

The estimated monthly sales of Mona Lisapaint-by-number sets is given by the formula q =105ep −3p2/2,

where q is the demand in monthly sales and pis the retail price in yen.

(a) Determine the price elasticity of demand E when theretail price is set at 4 yen.
E =  
Interpret your answer.

The demand is going  ? updown  by   % per 1% increase in price atthat price level. Thus, a large price  ? increasedecrease  is advised.


(b) At what price will revenue be a maximum? (Round your answer totwo decimal places.)
yen

(c) Approximately how many paint-by-number sets will be sold permonth at the price in part (b)? (Round your answer to the nearestinteger.)

paint-by-number sets per month

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