Question: 4. Consider the following demand function: k pn Treat k and n are both positive constants, Qp as notation for quantity demanded, and P as

4. Consider the following demand function: k pn Treat k and n are both positive constants, Qp as notation for "quantity demanded", and P as price. Take the natural log of both sides of this function and compute price elasticity of demand. Show all work and explain. (6 pts) 5. Consider the following (linear) demand function: Pp = a- bQ Where "a" and "b" are both constants, Q is notation for "quantity demanded", and Po is price. At what quantity is demand unitary elastic? At what quantities is demand elastic? Inelastic? Explain. Show all work. (6 pts)

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