Consider the demand function Q = 99 - p.
(a) At what output level does the elasticity equal -2 ?
(b) At what output level does the elasticity equal -1 ?
(c) Calculate and draw the marginal-revenue function associated with this demand.
(d) At what output level does the marginal revenue equal zero?
(e) Calculate the consumers surplus when p = 33 and p = 66.