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QUESTION 1 a. Hatta Enterprises has developed a new product. The market demand for this product is given as follows: QD = 240 - 4P

QUESTION 1

a. Hatta Enterprises has developed a new product. The market demand for this product

is given as follows:

QD = 240 - 4P

i. If the product is priced at $40, estimate the price elasticity of demand? Is

demand elastic or inelastic?

(10 marks)

ii. If the product price is increased slightly from $40, what will happen to the total

expenditure on the product?

(10 marks)

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