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Question 2 a. Assume that the demand for clothes is given by Qd=122P i. Find the price elasticity of demand at the price of 5QR. ii. If you were sales representative and your goal is to maximize total revenue, would you increase or decrease the price. Explain. iii. Find the price the maximizes total revenue. b. Assume that demand is more elastic that supply. Using the supply and demand model, explain in writing the effect of an increase in taxes levied on consumers on the equilibrium price, equilibrium quantity, government revenues, tax burden on the both the consumers and the sellers