Math Problem Statement

Solution

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Math Problem Analysis

Mathematical Concepts

Price Elasticity of Demand
Differentiation
Elasticity Interpretation

Formulas

Price Elasticity of Demand: E = (p / x) * (dx/dp)
Differentiation of Demand Equation: dx/dp = -2(96 - p)

Theorems

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Suitable Grade Level

Undergraduate (Economics or Calculus)