Given the demand equation x = 4 +20, where p represents the price in dollars and x the number of units, determine the elasticity of demand when the price p is equal to $5. Elasticity of Demand = Therefore, demand is O elastic O unitary O inelastic when price is equal to $5 and a small increase in price will result in O a decrease in total revenue. Vanua X

Given the demand equation x = 4 +20, where p represents the price in dollars and x the number of units, determine the elasticity of demand when the price p is equal to $5. Elasticity of Demand = Therefore, demand is O elastic O unitary O inelastic when price is equal to $5 and a small increase in price will result in O a decrease in total revenue. Vanua X

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Given the demand equation x = 4 + where p represents the price in dollars and x the number of units, determine the elasticity of demand when the price p is equal to $5.
Р
Elasticity of Demand =
Therefore, demand is
O elastic
O unitary
O inelastic
when price is equal to $5 and a small increase in price will result in
O a decrease in total revenue.
O little to no change in total revenue.
O an increase in total revenue.

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