Question: In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq

In this problem, p is in dollars and q is the number of units. Suppose that the demand for a product is given by pq + p + 100q = 50,000. (a) Find the elasticity when p = $735. (Round your answer to two decimal places.) (b) Tell what type of elasticity this is. Demand is elastic. Demand is inelastic. Demand is unitary elastic. (c) How would a price increase affect revenue? Revenue is unaffected by price. An increase in price will result in a decrease in total revenue. An increase in price will result in an increase in total revenue

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