Given the demand equation p + % = 16, 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 $14. Elasticity of Demand = :l Therefore, demand is O inelastic O elastic O unitary when price is equal to $14 and a small increase in price will result in O a decrease in total revenue. 0 little to no change in total revenue. 0 an increase in total revenue