question 1 10 points examine whether the following statement is true or false explain the own price elasticity of demand is constant if the slope of a downward sloping demand curve is constant question 2 10 points if the price of a mi

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Question 1

. [10 points] Examine whether the following statement is true or false.

Explain.

The own price elasticity of demand is constant if the slope of a downward sloping demand

curve is constant.

Question 2

. [10 points] If the price of a minivan is $40,000, find the price and quantity of

a passenger car that maximizes revenue when the demand for a passenger car is

characterized by the following equation

Qd = 20000 – 4P

1

+ 2P

2

where Qd represents number of passenger cars demanded; P

1

represesents the price of a

passenger car; and P

2

represents the price of a minivan.

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