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In this problem, pis in dollars and is the number of units. Suppose that the demand for a product is given by (p+7) q+6 =
In this problem, pis in dollars and is the number of units. Suppose that the demand for a product is given by (p+7) q+6 = 1120. (a) Find the elasticity when p= $33. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic.Demand is inelastic. Demand is unitary. (c) How would a price increase affect revenue? An increase in price increases revenue. An increase in price decreases revenue. Revenue is unaffected by price
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