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l. (20 total points) Suppose the demand for a product is given by On = 50 (lf2)P. a) (10 points) Calculate the Price Elasticity of

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l. (20 total points) Suppose the demand for a product is given by On = 50 (lf2)P. a) (10 points) Calculate the Price Elasticity of Demand when the price is $60. b] [5 points} What price should the rm charge if it wants to maximize its revenue? c) (5 points) Over what price range is demand elastic\

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