Problem
The demand for boobles can be written as: Q = 11,000 - 8P. 1. Calculate the price, quantity, total revenue and marginal revenue when the elasticity of demand = -2.2. 2. Calculate the price, quantity, total revenue and elasticity of demand when MR = $60. 3. Calculate the price and quantity at which total revenue is a maximum. What is maximum revenue?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.