Information relating to the total cost of the product at different demand levels are shown below: Required: (a) Determine the straight-line demand/price equation based on the selling prices and quantity demanded. (15 marks) (b) Using the equation to predict quantity demanded when selling price is $2,500. ( 2 marks) (c) Explain briefly the concept of price elasticity of demand and discuss briefly how it impacts pricing decisions. (3 marks) Information relating to the total cost of the product at different demand levels are shown below: Required: (a) Determine the straight-line demand/price equation based on the selling prices and quantity demanded. (15 marks) (b) Using the equation to predict quantity demanded when selling price is $2,500. ( 2 marks) (c) Explain briefly the concept of price elasticity of demand and discuss briefly how it impacts pricing decisions