3. Given the price-demand equation p + 0.02x = 300

a) Express the demand x as a function of the price p.

b) Find the elasticity of demand, E(p)*.

c) What is the elasticity of demand when p = $100? If this price is decreased by 5%, what is the approximate change in demand?

d) What is the elasticity of demand when p = $200? If this price is decreased by 5%, what is the approximate change in demand?

e) What is the elasticity of demand when p = $150? If this price is decreased by 5%, what is the approximate change in demand?