Please include step by step instructions:
Qd = 450 - 5P where Qd is the quantity demanded of footballs and P is the price of footballs.
If the price of footballs is $9, what will be the total revenue collected from the sale of footballs? I got 3645 for this.
What is the Price Elasticity of Demand for footballs between the prices of $5 and $6 (please give your answer in the form of a fraction)?
What is 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.
What price should the firm charge if it wants to maximize its revenue?