Consider the following. Demand Function p = 700 - 3x Quantity Demanded x = 24 Find the price elasticity of demand for the demand function at the indicated x-value. Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value? The demand is elastic at this x-value. The demand is inelastic at this x-value. The demand is of unit elasticity at this x-value. Use a graphing utility to graph the revenue function. y 800 600 400 200 1500 y 1000 500 50 100 150 200 25 000 20000 15 000 10000 5000 50 000 40 000 30 000 20000 10000 50 100 150 200 50 100 150 200