Question: The demand function for a particular product is given by the equation .75 x + p=60 ,where p is in pesos and x in thousand

The demand function for a particular product is given by the equation .75 x + p=60 ,where p is in pesos and x in thousand units. a. When the unit price is P1.55,what is the new demand level? When this price is increased to P1.55 , what is the new demand level? b. Use the result in (a) to approximate the price elasticity of demand when p= 1.50 and when p =1.55 c. Approximately what percentage increase in price will decrease demand by .15% when the p = 1.50?

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