A quadratic regression based on old sales data reveals the following demand equation for the T-shirts:
q = −2p^2 + 24p (9 ≤ p ≤ 15).
Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market.

(a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts.

(b) Compute the elasticity of demand if the price is set at $15 per shirt.

(c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue?

(d)What will the revenue be?

Question

A quadratic regression based on old sales data reveals the following demand equation for the T-shirts:
q = −2p^2 + 24p      (9 ≤ p ≤ 15). 
Here, p is the price the club charges per T-shirt, and q is the number it can sell each day at the flea market.

(a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts.

(b) Compute the elasticity of demand if the price is set at $15 per shirt.

(c) How much should the Physics Club charge for the T-shirts in order to obtain the maximum daily revenue?

(d)What will the revenue be?

riley · Answer

Very confused and frustrated with this elasticity stuff . . . uuughhh

anonymous · Answer

I think this is college stuff because i'm in the tenth grade and i don't have a clue what that means lol sorry I wish I could help!

riley · Answer

yeah it is college stuff =/ and it's kicking my butt . . .