01 May Question: 1.The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 103e−…
.The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 103e−3p2 + p, where q is the demand in monthly sales and p is the retail price in hundreds of yen.
(a) Determine the price elasticity of demand E when the retail price is set at ¥500. E = _______
Interpret your answer.
The demand is going ____by____ % per 1% increase in price at that price level. Thus, a large price
is advised.
(b) At what price will revenue be a maximum?____hundred yen
(c) Approximately how many paint-by-number sets will be sold per month at the price in part (b)? (Round your answer to the nearest integer.)____paint-by-number sets per month
2. Calculate the left Riemann sum for the given function over the given interval, using the given value of n. (When rounding, round your answer to four decimal places.)
f(x) = 27 − 81x over [−1, 1], n = 4
3. Calculate the left Riemann sum for the given function over the given interval, using the given value of n. (When rounding, round answers to four decimal places.)
f(x) = 3e−x2 over [0, 10], n = 4
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