- Marginal Analysis & Elasticity Course Packet on elasticity of demand Given the demand equation x - 8 24 " where p represents the price in dollars and x the number of units, determine the p elasticity of demand when the price p is equal to $10. Elasticity of Demand = Therefore, demand is O unitary O inelastic O elastic when price is equal to $10 and a small increase in price will result in O little to no change in total revenue. O a decrease in total revenue. O an increase in total revenue