a. Compute price elasticity and total revenue for the following:

b. Designate each elasticity as elastic or inelastic.
c. If variable costs are $7 per unit and fixed costs are $500, at what price is profit maximized? Show all work.

Name: a. Compute price elasticity and total revenue for the following: b. Designate each elasticity as elastic or inelastic. c. If variable costs are $7 per unit and fixed costs are $500, at what price is profit maximized? Show all work.
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Question

a.	Compute price elasticity and total revenue for the following:
  
b. Designate each elasticity as elastic or inelastic.
c. If variable costs are $7 per unit and fixed costs are $500, at what price is profit maximized? Show all work.

A Compute Price Elasticity and Total Revenue for the Following