Question: Consider the following. Demand Function Quantity Demanded p = 800 3 x x = 16 Find the price elasticity of demand for the demand function

Consider the following.

Demand FunctionQuantity Demanded p = 800 3xx = 16

Find the price elasticity of demand for the demand function at the indicated x-value.

Is the demand elastic, inelastic, or of unit elasticity at the indicated x-value?

a.The demand is elastic at this x-value.

b.The demand is inelastic at this x-value.

c.The demand is of unit elasticity at this x-value.

Identify the intervals of elasticity and inelasticity.

elastic

inelastic

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