Next Page Page 4 of 15 DO NOT click "SUBMIT QUIZ" button unless you have answered ALL questions, The "SUBMIT QUIZ" button is NOT a "SAVE" answer button. Click "NEXT PAGE" to move to the next page Question 4 (3 points) This is a short-answer question. No partial marks will be given. The demand function for a certain brand of compact disc is p - -0. 01xz - 0. 2x + 8. 76, where p is the unit price in dollars and is the quantity demanded each week, measured in units of a thousand. Answer these two questions: (1) Compute the elasticity of demand when p - $2. 4. Round your answer to 2 decimal places. (2) Is the demand elastic when p - 2. 4 (Yes/No)? Next Page Page 4 of 15 Submit Quiz 3 of 15 questions saved