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1. Suppose that the demand function is D p = 5 4 4 p where p = 6 . 6 a. What is the elasticity?

1. Suppose that the demand function isDp=544p wherep=6.6

a. What is the elasticity?

b. Is the price elasticity of demand inelastic, unitary, or elastic?

2. Suppose that the demand function isDp=672p wherep=7.6

a. What is the elasticity?

b. Is the price elasticity of demand inelastic, unitary, or elastic?

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