The Physics Club sells E = mc2 T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts. q = -2p2 + 33p (9 sps 15) Here, p is the price the club charges per T-shirt, and g is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $10 per shirt. (Round your answer to two decimal places.) Interpret the result, The demand for E = mc2 T-shirts is going ? O by about % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? What will the revenue be? 24

The Physics Club sells E = mc2 T-shirts at the local flea market. Unfortunately, the club's previous administration has been losing money for years, so you decide to do an analysis of the sales. A quadratic regression based on old sales data reveals the following demand equation for the T-shirts. q = -2p2 + 33p (9 sps 15) Here, p is the price the club charges per T-shirt, and g is the number it can sell each day at the flea market. (a) Obtain a formula for the price elasticity of demand for E = mc2 T-shirts. E = (b) Compute the elasticity of demand if the price is set at $10 per shirt. (Round your answer to two decimal places.) Interpret the result, The demand for E = mc2 T-shirts is going ? O by about % per 1% increase in the price. (c) How much should the Physics Club charge for the T-shirts to obtain the maximum daily revenue? What will the revenue be? 24