500 3, (7 points) For the demand function g = D9\") = (m + 3)? nd the following: (i) The elasticity as a function of 51;. (ii) The elasticity at a: = 8. State whether the demand is elastic 0r inelastic. (iii) The value of .7; for Which E(a:) = 1. Interpret the meaning of this price. (iv) The total-revenue function. (v) The price a: at which total revenue is a maximum. 4. (8 points) A bakery works out a demand function for its chocolate chip cookies and nds it to be q = D(x) = 967 253:, where q is the quantity of cookies sold when the price per cookie, in cents, is m. (i) Find the elasticity. (ii) At What price is the elasticity of demand equal to 1? (iii) At what prices is the elasticity of demand elastic? (iv) At what prices is the elasticity of demand inelastic? (v) At What price is the revenue a maximum? (vi) At a price of 20 per cookie, will a small increase in price cause the total revenue to increase or decrease