The weekly sales of Honolulu Red Oranges is given by q = 800 20p. Calculate the...
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The weekly sales of Honolulu Red Oranges is given by q = 800 20p. Calculate the price elasticity of demand when the price is $32 per orange (yes, $32 per oranger). Interpret your answer. The demand is going by % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $ The weekly sales of Honolulu Red Oranges is given by q = 800 20p. Calculate the price elasticity of demand when the price is $32 per orange (yes, $32 per oranger). Interpret your answer. The demand is going by % per 1% increase in price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $
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To calculate the price elasticity of demand we use the formula Ep fractextdqtextdppq Given the deman... View the full answer
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