Question: When a particular commodity is priced at p dollars per unit, consumers demand q units, where p and q are related by the equation q
When a particular commodity is priced at p dollars per unit, consumers demand q units, where p and q are related by the equation q2 + 3pq = 22.
a. Find the elasticity of demand for this commodity.
b. For a unit price of $3, is the demand elastic, inelastic, or of unit elasticity?
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