Given the demand equation p + g = 24, where p represents the price in dollars and x the number of units, determine the elasticity ofdemand when the price p is equal to $3. Elasticity of Demand = 0.1428 X Therefore, demand is O inelastic elastic O unitary X when price is equal to $3 and a small increase in price will result in (9 little to no change in total revenue. 0 a decrease in total revenue. O an increase in total revenue