The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 104e−3p2 + p, where q is the demand in
monthly sales and p is the retail price in hundreds of yen. Determine the price elasticity of demand E when the retail price is set at ¥200.
1 answer:
Answer:
The price elasticity of demand is 0
Step-by-step explanation:
The demand function for monthly sales is given as:
q = 104e^-3p^2 + p
The price elasticity of demand E is obtained by differentiating q with respect to p
E = dq/dp = (-6p + 1) × 104e^-3p^2 +p =
When p = ¥200
E = (-6×200 + 1) × 104e^-3(200)^2 + 200 = -1199 × 104(0) = -1199 × 0 = 0
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