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1. Suppose the demand for a product is given by QD = 2000 - 25P.
a) Calculate the Price Elasticity of Demand when the price is $30.
b) What price should the firm charge if it wants to maximize its revenue?
c) Over what price range is demand elastic?
Suppose that 70% of people who identify themselves as an "Independent" voter end up voting for a Republican candidate. What is the probability that out of 120 "independent" voters
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