The weekly sales of Honolulu Red Oranges is given by q = 1116 − 18 p .
Calculate the price elasticity of demand when the price is $31 per orange (yes, $31 per orange ). Elasticity = ______
Interpret your answer.
The demand is going down by ______ % per 1% increase in price at that price level.
Also, calculate the price that gives a maximum weekly revenue.
Find this maximum revenue.