Question: 23. Consider the demand function x= =402 -0.3p, where x is the number of units sold. Answer parts (i) and (ii) p is the

23. Consider the demand function x= =402 -0.3p, where x is the number of units sold. Answer parts (i) and (ii) p is the price in dollars per unit, and (i) Find the elasticity of demand for the demand function above when the price per unit is $22. (A) between 0 and 0.5 (B) between 0.5 and 1.0 (C) between 1.0 and 2.0 (D) between 2.0 and 4.0 (E) between 4.0 and 6.0 (ii) Determine the number of units sold (if it exists) so that total revenue is maximized. The number of units sold that maximizes revenue is: (A) between 215 and 230 (B) between 230 and 245 (C) between 245 and 260 (D) between 260 and 275 (E) does not exist

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