I really don't understant this problem. Can anyone solve this and help me to understand?
The relation between the price (p) per unit of a product and the number of units sold (x) is given by:
a) Write down the expression for the total income function ()Ix
b) Write down the expression for the marginal income function.
c) For which value of x is the income at its maximum and what is the price in this situation?
d) Express the demand x(p) as a function of the price p.
e) Find an expression of the elasticity of the demand with respect to p.
f) For which value of p is the elasticity neutral?