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Posted by on Wednesday, May 5, 2010 at 1:16am.

Robert E. Lee Grade School is contemplating a chocolate bar fund raiser. Weekly sales data from Mrs. Grant's fifth grade class indicate that:

Q = 4,000 - 1,000P

where Q is chocolate bar sales and P is price.

i) How many chocolate bars could be sold at RM2 each?
ii)
iii) What price would have to be charged to sell 2,500 chocolate bars?
iv)
iii) At what price would sales equal zero?

v) How many chocolate bars could be given away?

vi) Calculate the point price elasticity of demand at a price of RM2.

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