Math 110 Course Resources - Marginal Analysis & Elasticity Course Packet on elasticity of demand Given the demand equation p + - = 48, 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 $42. Elasticity of Demand = -7 X Therefore, demand is O elastic O unitary inelastic X when price is equal to $42 and a small increase in price will result in little to no change in total revenue. an increase in total revenue. O a decrease in total revenue. X