The Physics Club sells E = mc² T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 sp S 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. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc² T-shirts is going ? v by about % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? What will the revenue be?

The Physics Club sells E = mc² T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts: q = -2p2 + 33p (9 sp S 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. E = (b) Compute the elasticity of demand if the price is set at $9 per shirt. (Round your answer to two decimal places.) Interpret the result. The demand for E = mc² T-shirts is going ? v by about % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? What will the revenue be?

Physics for Scientists and Engineers: Foundations and Connections

1st Edition

ISBN:9781133939146

Author:Katz, Debora M.

Publisher:Katz, Debora M.

Chapter19: Temperature, Thermal Expansion And Gas Laws

Section: Chapter Questions

Problem 71PQ

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