1. Demand is given by Q(P) : 200 5P (a) Calculate Q'(P) (b) Use the rst-order condition to solve for the price P' that maximizes revenue: MP) = (as?) - P (c) Use the second-order condition to conrm that P\" is a local maximum ((1) Calculate the price elasticity of demand: 5(P) : Q' (P) - 5 (9) Calculate the price elasticity of demand at P\" (f) Is demand elastic1 inelastic, or unit-elastic at P\"? How do you know? (g) Now suppose demand is Q(P) I 200 cP, where c is a constant > 0. Calculate Q'(P), P', and the price elasticity of demand at P