KRDY-FM is contemplating a T-Shirt advertising promotion. Monthly sales data from T-shirt shops marketing the "Listen to KRDY-FM" design indicates that:
Q=15,000-800P, where Q is T-Shirt and P is price.
a) How many t-shirts could KRDY-FM sell at $15 each?
b) What price would KRDY-FM have to charge to sell 5,000 t-shirts?
c) Calculate the point price elasticity of demand at a price of $15 and indicate whether demand is elastic or inelastic at this price point