The consumer demand equation for tissues is given by

q = 8,281 182 p +p²,

where p is the price per case of tissues and q is the demand in weekly sales.

Determine the price elasticity of demand E when the price is set at $28. (Round your answer to three decimal places.)

E = 1

Interpret your answer.

When the price is set at $28, the demand is going 2

? up down

by 3 % per 1% increase in price.

At that price level, the demand is 4

----Select---- elastic inelastic of unit elasticity

.

If they raise prices, revenue will 5

----Select---- decrease increase

.