Question: Please answer all the questions in the image. 3. Suppose Flags Ltd. is a company that manufactures and sells small ags at a price of

Please answer all the questions in the image.

3. Suppose Flags Ltd. is a company that manufactures and sells small ags at a price of $1 per ag. After doing some market research, they have estimated their demand curve to he 1llillilllei' = e2P+2eP+1' |Compute the price elasticity of demand at the current price of $1 and use this information to decide whether or not they should increase or decrease the price in order to increase revenue. 9' Note that you must use a mathematical argument and not a calculator to determine whether E{I,E=1,orE:'-1

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