/1 Points] DETAILS Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand Given the demand equation p + -= 24, 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 $3. Elasticity of Demand = Therefore, demand is O elastic O inelastic O unitary when price is equal to $3 and a small increase in price will result in O an increase in total revenue. a decrease in total revenue. O little to no change in total revenue. 8. [-/1 Points] DETAILS