Question: 16.3 The demand function for replicas for the Statue of Liberty is given by f(p): = 500 - 2p, where f(p) is the number

16.3 The demand function for replicas for the Statue of Liberty is given by f(p): = 500 - 2p, where f(p) is the number of statues that can be sold for p dollars. (a) What is the relative rate of change in demand at a price of $50.00 per statue? (Give your answer as a percentage, use the proper units, and state if the change is an increase or a decrease.) (b) What is the relative rate of change in demand at a price of $100.00 per statue? (Give your answer as a percentage, use the proper units, and state if the change is an increase or a decrease.)

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