The estimated monthly sales of mona lisa paint-by-number sets is given by the formula q = 97e-3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen. (a) determine the price elasticity of demand e when the retail price is set at ¥400. e = interpret your answer. the demand is going by % per 1% increase in price at that price level. thus, a large price is advised. (b) at what price will revenue be a maximum? hundred yen (c) approximately how many paint-by-number sets will be sold per month at the price in part (b) ? (round your answer to the nearest integer.) 17 paint-by-number sets per month
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