Imagine you are the owner of Toyota Canada. You are trying to determine what price to set for your newest truck you are introducing to the Canadian market. You hired an economist to estimate the demand curve for this truck, and were told it is: q = 11, 250 0.25p a) (5 marks) Suppose you set the price equal to $18,000. What would be the total revenue you would earn from selling this truck? b) (8 marks) What is the elasticity of demand for this truck at this price? According to economic theory, why would this profit maximizing firm be making a mistake by pricing the truck at a price that results in this type of elasticity of demand? Your answer should include a discussion of intensive and extensive margins. c) (7 marks) Suppose the firm wished to maximize its revenue. At what price should it sell its truck? How much revenue will it earn at this price? What is the elasticity of demand at this point?