Question: 11.5 Question #3 In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is

11.5 Question #3

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by 2p q = 30,000 + 5000p2. (a) Find the elasticity when p = $50 and q = 2506. (Round your answer to four decimal places.) (b) Tell what type of elasticity this is: unitary, elastic, or inelastic. Demand is unitary elastic. Demand is elastic. O Demand is inelastic. (c) How would revenue be affected by a price increase? O An increase in price decreases revenue. O Revenue is unaffected by price. O An increase in price increases revenue

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