Suppose that demand is given by D (p) = 1000 (12 -P)[forp < 12] a.What is the
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Question:
Suppose that demand is given by
D (p) = 1000 (12 -P)[forp<12]
a.What is the quantity that corresponds to the price P = 8?
b.Compute the elasticity of demand at the price quantity pair (8, 4000) using the discrete change in price from $8 to $8.04.
c.Compute the elasticity of demand and the price quantity pair (8, 4000) using calculus.
d.What is the percentage change in TR due to the price increase from $8 to $8.04
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