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1. We have the demand function P = 24 3Q for a product. (a) Calculate the price elasticity when price is $14. (b) Suppose there

1. We have the demand function P = 24 3Q for a product.
(a) Calculate the price elasticity when price is $14.
(b) Suppose there is only one firm in this market (monopoly), and the firm’s total revenue is defined as P*Q. What’s the price level that maximizes the total revenue?

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