Question: 4) Consider the demand function given by q = D(x) = 120 - x a) Find the elasticity equation b) Find the elasticity at x=20,

4) Consider the demand function given by q = D(x) =

4) Consider the demand function given by q = D(x) = 120 - x a) Find the elasticity equation b) Find the elasticity at x=20, state whether it is elastic or inelastic c) At a price of $20 will a small increase in price cause total revenue to increase or decrease? d) Find the price at which total revenue is maximum

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