The demand function for a certain product is given by p = v1200 - 0. 25x, where P is measured in dollars, and X is measured in units of a hundred. Answer the following questions. Round each answer to two decimal places. 1. Find the marginal revenue when the sales level is 30,000 (units). Interpret your result. 2. Find the elasticity of demand when p = $25. 3. Is the demand elastic? If the price is $25, will raising the price slightly cause the revenue inscrease or decrease