B? 3 The demand equation for a product is q: F + In [65- p ). [3] Determine the point elasticity of demand when p=4 and classify the demand as elastic, inelastic, or of unit elasticity at this pn'ce level. [b] If the price is lowered by 2% (from $11.00 to $3.92), use the answer to part (a) to estimate the corresponding percentage change in quantity sold. {c} Will the changes in part {b} result in an increase or decrease in revenue? Explain