Question: 1. The demand function for a piece of electronic equipment is p =- 0.04x + 800, where p is the unit price (in dollars) and

1. The demand function for a piece of electronic equipment is p =- 0.04x + 800, where p is the unit price (in dollars) and x is the quantity demanded. Clearly show your work for each of the following parts. a. Find the marginal revenue function R'. b. Compute R'(5000) and explain the meaning of this result. c. Rewrite the demand function for quantity, x, as a function of price, p. d. Find the price elasticity of demand function. e. Determine the price elasticity of demand when the price is $600, and explain the meaning of this result

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