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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question 19 and 20 please
Suppose the demand for a Nintendo console is P = 600 - 0.05Q, where P represents the price of a console (in dollars) and Q is the number of Nintendo consoles sold in a certain market. If the price of each console is $300, what is the price elasticity of demand for Nintendo consoles in that market? O -0.0025 O -0.05 O-1 O-1.5 0-2
Please answer both a and b please answer explain Don't answer by pen paper please
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