Slope of the demand after (natural) logarithmic transformation: i. What is the relationship between ε and the slope of a demand curve after (natural) logarithmic transformation (d(lnP)/d(lnQ))
ii. Find out ε using this method for the following demand curve at P=10:lnQ=11−2lnP Marginal revenue: i. What is the relationship between ∣c∣ and marginal revenue? ii. When TR is maximized, how much is MR, and hence how much is ∣e∣ ? iii. If P=30 and MR=24, then how much is ∣ε∣ ?