(Step-by-Step) [Own Price Elasticity of Demand - II] The demand function for a product is p=220-0.5q Write the expression for the total revenue function.
Question: [Own Price Elasticity of Demand - II]
The demand function for a product is
\[p=220-0.5q\]- Write the expression for the total revenue function.
- Find the output quantity q* at which the total revenue function attains its maximum.
- Write the expression for the own price elasticity of demand \(\varepsilon \left( q \right)\).
- Compute the own price elasticity of demand \(\varepsilon \left( q* \right)\).
Deliverable: Word Document 
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