The Dolan Corporation, a maker of small engines, determines that in 2012 the demand curve for its product is
P = 2,000 - 50Q
Where P is the price (in dollars) of an engine and Q is the number of engines sold per month.
a. To sell 20 engines per month, what price would Dolan have to charge?
b. If managers set a price of $500, how many engines will Dolan sell per month?
c. What is the price elasticity of demand if price equals $500?
d. At what price, if any, will the demand for Dolan's engines be of unitary elasticity?