The price – demand equation for a certain product is given by p+0.04 x=50 (a) Express the demand x as a function of the price p. (b) Find the elasticity of demand E (p) (c) What is the elasticity of demand when p = $20? If the price is increased by15%, what is the approximate change in demand? (d) What is the elasticity of demand when p = $40? At the price of $40, will a decrease in price cause revenue to increase or decrease? (e) Find the price for which the revenue is maximized.