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4. A restaurant owner sells 100 dinner specials for $12 each. After raising the price to $16, she noticed that only 92 specials were sold. What is the elasticity of demand? 5. Spencer noted that at one time if x were beef consumption per capita and p is the price of beef divided by disposable income per capita, then x = 150 - 1200p. a. Find E as a function of p. b. Determine E when p = 0.01 and when p = 0.025. c. Approximate the price at which there is unit elasticity