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?