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)
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