(Answered) 1nbspsuppose the demand for a product is given by qdnbsp 50

Management Studies

1. Suppose the demand for a product is given by Q_D = 50 - (1/2)P.

a) Calculate the Price Elasticity of Demand when the price is $60.

b) What price should the firm charge if it wants to maximize its revenue?

c) Over what price range is demand elastic?

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