Q. If data is as Explain how in question 5
A. Illustrate what is elasticity of demand at profit maximizing level of output?
B. Without use of any calculations, determine wherefirm=s total revenue would increase, decrease, or stay same if CRAPCO attempted to increase its price by .2%. Explain how do you know? Illustrate what would happen to profits?
C. Is original price a "market clearing" price? Explain how do you know?