Problem
1. The price elasticity of demand for personal computers is estimated to be -2.2. If the price of personal computers declines by 20 percent, what will be the expected percentage increase in the quantity of computers sold?
2. If the marginal revenue from a product is $15 and the price elasticity of demand is -1.2, what is the price of the product?
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.