12 11.) (20 points) Answer the following a.) Consider a commodity with elasticity of demand of 0.75 at a certain price. If the unit price is increased by 3% from its current price, by what percentagewill the demand change? Indicate whether this is an increase or decrease in demand b.) Consider a commodity that costs $5 to manufacture each unit that is demanded. The associated fixed costs are $3,500. If the demand is given by D(P) 14(3p- 650)2 (where p is the unit price the commodity will eventually be sold at), give the cost to manufacture the product as a function of only unit price c) Io the above problem, suppose 43 units are demanded. What is the average cost of ench unit produced? uppose you and your friend are in the business of selling customized NDSU phone cases. siness partner conducted a survey, got some demand data, extrapolated it, and came vu best-fit quadratic demand function D(p)-2p2 240p 7250. is the implied domain of this demand function? 12 11.) (20 points) Answer the following a.) Consider a commodity with elasticity of demand of 0.75 at a certain price. If the unit price is increased by 3% from its current price, by what percentagewill the demand change? Indicate whether this is an increase or decrease in demand b.) Consider a commodity that costs $5 to manufacture each unit that is demanded. The associated fixed costs are $3,500. If the demand is given by D(P) 14(3p- 650)2 (where p is the unit price the commodity will eventually be sold at), give the cost to manufacture the product as a function of only unit price c) Io the above problem, suppose 43 units are demanded. What is the average cost of ench unit produced? uppose you and your friend are in the business of selling customized NDSU phone cases. siness partner conducted a survey, got some demand data, extrapolated it, and came vu best-fit quadratic demand function D(p)-2p2 240p 7250. is the implied domain of this demand function