Demand for the latest best-seller at OHaganBooks.com, A River Runs through It, is given by q = -p^2 + 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 $23, demand is rising at this rate per 1% increase in the price.
(c) What price should the company charge to obtain the largest revenue? (Round your answer to the nearest cent.)
_______$