Question: 11.5 Question #4 Suppose the demand function for a product is given by p=l|n(5''q) 4 q+ 1 where p is in hundreds of dollars and

11.5 Question #4

Suppose the demand function for a product is given by p=l|n(5''q) 4 q+ 1 where p is in hundreds of dollars and q is the number of tons. (a) What is the elasticity of demand when the quantity demanded is 7 tons and the price is $161? (Round your answer to one decimal place.) (b) Is the demand elastic or inelastic? T) inelastic CT elastic

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