67 The demand equation for a product is q = ? + In (28 - pa). (3) Determine the point elasticity of demand when p = 3 and classify the demand as elastic, inelastic, or of unit elasticity at this price level. (b) If the price is lowered by 2% (from $3.00 to $2.94), use the answer to part (a) to estimate the corresponding percentage change in quantity sold. (1:) Will the changes in part (b) result in an increase or decrease in revenue? Explain. (a) The point ela ' 'ty of demand is when p = 3. (Round to two decimal places as needed.)