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Exercise III: Revenue Functions ( 8 points) Assume that the demand of chocolate of a local producer is given by q=9p in hundreds of kilograms, where p[0,81] is the price of a kilogram in USD. 1. Compute the elasticity of the demand as a function of p, and find where it is unit elastic, elastic, and inelastic. 2. Compute the revenue R(p) in USD as a function of p. 3. Compute R(25). Interpret this quantity. 4. What is the sign of R(25) ? Considering your answer to part 1, does this make sense? Why? 5. Now, compute the revenue R(q) in USD as a function of q. 6. Compute the marginal revenue Rm(q). 7. Compute Rm (4). Interpret this quantity. Since q=4 corresponds to p=25, why is the result different from Question 3 ? Exercise III: Revenue Functions ( 8 points) Assume that the demand of chocolate of a local producer is given by q=9p in hundreds of kilograms, where p[0,81] is the price of a kilogram in USD. 1. Compute the elasticity of the demand as a function of p, and find where it is unit elastic, elastic, and inelastic. 2. Compute the revenue R(p) in USD as a function of p. 3. Compute R(25). Interpret this quantity. 4. What is the sign of R(25) ? Considering your answer to part 1, does this make sense? Why? 5. Now, compute the revenue R(q) in USD as a function of q. 6. Compute the marginal revenue Rm(q). 7. Compute Rm (4). Interpret this quantity. Since q=4 corresponds to p=25, why is the result different from Question 3