Given the demand equation x 20 40 where p represents the

Last updated: 2/19/2024

Given the demand equation x 20 40 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 P Elasticity of Demand Therefore demand is elastic inelastic O unitary when price is equal to 5 and a small increase in price will result in an increase in total revenue O little to no change in total revenue a decrease in total revenue