The demand function for a product is defined asQ= 24 - 2P. If price is equal to 4, then the price elasticity of demand is (Hint: solve using calculus, elasticity = dQ/dP * P/Q )

Question 10 options:

a)

elastic.

b)

unit elastic.

c)

inelastic.

d)

There is not enough information to determine the answer.