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(Q.5 [20 points]) The demand equation of a certain product is given by q = 1800-6p, where p represents the price in dollars for each
(Q.5 [20 points]) The demand equation of a certain product is given by q = 1800-6p, where p represents the price in dollars for each item. (a) Find the Revenue function R(p) in terms of p. (b) Assuming that p is always positive, find the value of p that gives the largest value of Rp (c) Based on your result in part (b), explain how would the revenue change if the price is increased from $10 to $11. [You Do NOT need to compute the revenues.] (d) Find the elasticity of the product when the price is $10 per item. (e) Is your result in part (b) consistent with your result in part (a)? Explain
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