Exercise 4: Demand equation, elasticities and total revenue (6 points) 1 The demand function for drangles is q(p) = (4104-2? (a) What is the price elasticity of demand at price p? (2 points) (b) At what price is the price elasticity of demand for drangles equal to -l (1 point) (0) Write an expression for total revenue from the sale of drangles as a function of their price. (1 point) (d) Use either calculus or economic reasoning to nd the revenue-maximizing price. (2 points)