Question

Demand for the latest best-seller at OHaganBooks.com, A River Burns through It, is given by

q = −p² + 33p + 9  (18 ≤ p ≤ 28)

copies sold per week when the price is p dollars.

(a) Find the price elasticity of demand E as a function of p.

E(p) = ______

(b) Find the elasticity of demand for this book at a price of $19. (Round your answer to two decimal places.)

______ %

Interpret the answer, choose one answer

When the price is $19, price is rising at this rate per 1% increase in the demand.,...

When the price is $19, demand is dropping at this rate per 1% increase in the price.    

When the price is $19, price is dropping at this rate per 1% increase in the demand.

When the price is $19, demand is rising at this rate per 1% increase in the price.

Find the elasticity of demand for this book at a price of $23. (Round your answer to two decimal places.)

______ %

Interpret the answer, choose one answer....

When the price is $23, price is rising at this rate per 1% increase in the demand.When the price is $23, price is dropping at this rate per 1% increase in the demand.    When the price is $23, demand is dropping at this rate per 1% increase in the price.When the price is $23, demand is rising at this rate per 1% increase in the price.

(c) What price should the company charge to obtain the largest revenue? (Round your answer to the nearest cent.)

_______$

Answer 1

Demand for the latest best-seller at OHaganBooks.com, A River Burns through It, is given by qp233p+9 (18 sp s 28) copies sold per week when the price is p dollars (a) Find the price elasticity of demand E as a function of p (b) Find the elasticity of demand for this book at a price of $19. (Round your answer to two decimal places.) -0.35 2 U9).33џ9).9 as price increases quantity demanded decreases Interpret the answer, choose one answer when the price is $19, price is rising at this rate per 1% increase in the demand., when the price is $19, demand is dropping at this rate per 1% increase in the price en the price is S19, priceis dropping at this rateper 1% increase in thedem and When the price is $19, demand is rising at this rate per 1% increase in the price Find the elasticity of demand for this book at a price of $23. (Round your answer to two decimal places.) 3 -33(23)-9 Interpret the answer, choose one answer.. When the price is $23, demand is dropping at this rate per 1% increase in the price. (c) What price should the company charge to obtain the largest revenue? (Round your answer to the nearest cent.) OR 1,06