Question: Do not simplify unless necessary please. 12. The owners of Mariville Vineyards are trying to decide how much to charge for a bottle of their

Do not simplify unless necessary please.

12. The owners of Mariville Vineyards are trying to decide how much to charge for a bottle of their Muscatel wine. The demand function for the wine isp + 6q= 100, where p is the price of a bottle and q is the quantity of bottles of wine in hundreds. (S pts) a) If the owners charge a price of $40 for a bottle, find the elasticity of demand. q dp b) How will a price increase affect the total revenue of Muscatel wine for Mariville Vineyards ?

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