The estimated monthly sales of Mona Lisa paint-by-number sets is given by the formula q = 105eP - 3p*/2, 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 ¥300. E = 24 Interpret your answer. The demand is going down v v by 24 v % per 1% increase in price at that price level. Thus, a large price decrease • v is advised. (b) At what price will revenue be a maximum? (Round your answer to the nearest integer.) 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

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