The price-demand equation for gourmet hamburgers at Red Robin restaurants is x(p)=8000-400p If the current price of a hamburger is $9. Find the elasticity of demand. Is demand elastic, inelastic or have unit elasticity at this price? Will a 5% price decrease cause the revenue to increase or decrease? If price is increase by 5% from $9, what will be the approximate percentage change in the demand? Round to the two decimal places.

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The price-demand equation for gourmet hamburgers at Red Robin restaurants is
x(p)=8000-400p
If the current price of a hamburger is $9. Find the elasticity of demand.
Is demand elastic, inelastic or have unit elasticity at this price?
Will a 5% price decrease cause the revenue to increase or decrease?
If price is increase by 5% from $9, what will be the approximate percentage change in the
demand? Round to the two decimal places.
Transcribed Image Text:The price-demand equation for gourmet hamburgers at Red Robin restaurants is x(p)=8000-400p If the current price of a hamburger is $9. Find the elasticity of demand. Is demand elastic, inelastic or have unit elasticity at this price? Will a 5% price decrease cause the revenue to increase or decrease? If price is increase by 5% from $9, what will be the approximate percentage change in the demand? Round to the two decimal places.
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