Include step by step instructions:
Qd = 450 - 5P where Qd is the quantity demanded of footballs and P is the price of footballs.
1. What will be the total revenue collected from the sale of footballs if the price of footballs is $9?
2. Estimate the Price Elasticity of Demand for footballs between the prices of $5 and $6?
3. Calculate the price elasticity of demand at a price of $24? If the price of baseballs is $24, should the firm raise or lower their price if they want to increase their total revenue.
4. Discuss what price should the firm charge if it wants to maximize its revenue?