2. The price-demand equation for a certain product is 0.23: + 20p = 120. a) [3pts] For what range of p-values is this price-demand equation valid? b] [4pts] Find the elasticity E [p] and evaluate E[1.00) and E[3.SO). EU?) =_ 1111.00) = 53.50) = c] [4pts] If the price of the product is increased from 3.50 to 4.20 [a 20% increase]: [i] Will the revenue from selling the products go up or down? W [Circle one] (ii) Will the demand for the products go up or down? W [Circle one] By about what percentage? % d] [4pts] If the price of the product is dropped from 1.00 to 0.90 [a 10% drop]: [i] Will the revenue from selling the products go up or down? w [Circle one] (ii) Will the demand for the products go up or down? W [Circle one] By about what percentage? %