Exercise 5.1.1 For each demand equation, compute the elasticity of demand and determine whether or not the demand is elastic, unitary, or inelastic at the indicated price, p. (a) a: %p+10,p= 10. (c}q+%p24=U,p=3. ()9 2;; = 144912, p=48. Exercise 5.1.3 It is estimated that the quantity q of fair tickets purchased is related to the ticket price p by the demand equation 2 q: v36p2 USPS6. Currently, the price is set at $2 each. ( a) is the demand elastic or inelastic at this price? (in) if the ticket price is increased, will the revenue increase or decrease