The weekly sales of Honolulu Red Oranges ls given by q = 863 20p. Calculate the price elasticity of demand when the price ls $31 per orange (yes, $31...

q = 868 − 20p. 

$31$31

The demand is going down by (????) % per 1% increase in price at that price level.

The weekly sales of Honolulu Red Oranges ls given by q = 863 — 20p. Calculate the price elasticity of demand when the price ls $31 per orange (yes, $31 per orange‘t]. HINT [See Example 1.] Interpret your answer. The demand is going down 3 .f by % per 1% increase In price at that price level. Also, calculate the price that gives a maximum weekly revenue. $ Find this maximum revenue. $