Suppose the demand function of a product is given by x = 4 0.01102, 0

Suppose the demand function of a product is given by x 4 0.01p , 0 < p < 20, where p is the unit price and x is the quantity that can be sold at price p. Which one of the following statements is true? O a) The demand is elastic when p II, and the revenue will increase when more products are sold at a lower price. O b) The demand is unitary when p II, and the revenue will increase when fewer products are sold at a higher price. O C) The demand is inelastic when p II, and the revenue will increase when more products are sold at a lower price. O d) The demand is elastic when p II, and the revenue will increase when fewer products are sold at a higher price. O e) The demand is unitary when p II, and the revenue will increase when more products are sold at a lower price. O f) The demand is inelastic when p II, and the revenue will increase when fewer products are sold at a higher price.