Question: Suppose that demand is given by D (p) = 1000 (12 -P)[forp < 12] a.What is the quantity that corresponds to the price P =

Suppose that demand is given by

D (p) = 1000 (12 -P)[forp<12]

a.What is the quantity that corresponds to the price P = 8?

b.Compute the elasticity of demand at the price quantity pair (8, 4000) using the discrete change in price from $8 to $8.04.

c.Compute the elasticity of demand and the price quantity pair (8, 4000) using calculus.

d.What is the percentage change in TR due to the price increase from $8 to $8.04

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