Question: Given the demand function D (p) - 400 -- 3p- (a) Find the Elasticity of Demand at a price of $8. Use the formula P

Given the demand function D (p) - 400 -- 3p- (a) Find the Elasticity of Demand at a price of $8. Use the formula P E(P) = dp If necessary, round the answer to six decimal places. E(P) (b) At this price, we would say the demand is: Inelastic Unitary Elastic (c) Based on this, to increase revenue we should: O Lower Prices O Keep Prices Unchanged Raise Prices

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