The demand function for product is p = -4q + 400 and the average cost for producing q units 500 is c = 37q+ 40 + where p= price, and q= quantity demand. 9 q 1. 2. 3. Compute the point elasticity of demand and find the intervals where the demand is inelastic, elastic, and the price for which the demand is unit elastic. Find the quantity that maximizes the total revenue and the corresponding price. Interpret your result. Find the quantity that minimizes the average cost function and the corresponding price. Interpret your results.

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