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5. [5 marks] Justice Beaver (a music superstar) has determined that the relationship between the demand q for his concert tickets and each ticket's price

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5. [5 marks] Justice Beaver (a music superstar) has determined that the relationship between the demand q for his concert tickets and each ticket's price p is given by q = p7/2e-0.05p+0.2. [Note: This is called the demand equation.] (a) Determine dq dp [Note: You don't need to express the result in a simplified form.] (b) It can be shown that Justice Beaver's ticket revenue will be at its greatest (i.e. maximum) when the elasticity of demand E = _Pdq dq = 1. That is, when -Pap = q. Find the price p that each concert ticket should be sold for to q dp ensure revenue is maximized

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