Xyz family inc. has developed a new product. the market demand for this product is given as follows: q = 1640 - 40p (which means the inverse demand is given by: p = 41 - 0.025q). a. if the product is priced at $21, what is the point price elasticity of demand? is demand elastic or inelastic (pick one)? (2+1 = 3 points) b. if they give a very small discount from the price of $21, what will happen to the total revenue of xyz family inc. from this product? explain why. (2+2 = 4 points) c. xyz family inc. wants to produce where the total revenue is maximized. what price should they charge and what quantity should be sold to achieve that goal? show your work. (1+2+2 = 5 points)