In this problem, p is in dollars and q is the number of units. Suppose that the
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In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by
pq + p + 100q = 50,000.
(a) Find the elasticity when
p = $568.
(Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic. Demand is unitary elastic. (c) How would a price increase affect revenue? An increase in price will result in an increase in total revenue.Revenue is unaffected by price. An increase in price will result in a decrease in total revenue.
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