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A restaurant that goes by the name Soft Rock Cafe is contemplating a T shirt advertising promotion. Monthly sales data from T shirt shops marketing the "Barry Manilow Eats at Soft Rock" design indicate that the demand curve for the T-shirts can be described as:
Q = 4,000 - 500P where Q is T shirt sales and P is price.
a. How many T-shirts could the cafe sell at $5 each?
b. What price would Soft Rock have to charge to sell 2,000 T shirts?
c. Compute the own price elasticity of demand when the price goes from $5 to $4.
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