The demand equation for a product is 2 q = 501] Slip + p where p is the price per unit {in doilars} and q is The quantity of units demanded [in thousands]. Find the point elasticity.r oi demand when p = 16. If this price of 15 is '1 increased by 3%, what is the approximate change in demand? The point elasticity of the demand equation for p = 16 is I] = (Simplify your answer}