1. (25 points) Suppose the demand for baseballs is given by: Qd = 480 - 16P where Qd is the quantity demanded of baseballs and P is the price of baseballs. a) (5 points) If the price of baseballs is $5, what will be the total revenue collected from the sale of baseballs? (480 - 16 ( 5 ) ) ' S : 20 00 b) (5 points) What is the Price Elasticity of Demand for baseballs between the prices of $15 and $16 (please give your answer in the form of a fraction)? po %% charge in a d Juno change in prize 480- 400 / 400# 100 = 80 480 - 240/ 240 * 100 = Cod 15-16/ 15 x 107 c) (5 points) What is the price elasticity of demand at a price of $12? d) (5 points) If the price of baseballs is $12, should the firm raise or lower their price if they want to increase their total revenue. 54 e) (5 points) What price should the firm charge if it wants to maximize its revenue