Question: The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 135% (a)

The demand function for specialty steel products is given, where p is in dollars and q is the number of units. p = 135% (a) Find the elasticity of demand as a function of the quantity demanded, q. 3( 105 q) '1 Tl: X (b) Find the point at which the demand is of unitary elasticity. q = 315/4 'I Find intervals in which the demand is inelastic and in which it is elastic. (Enter your answers using interval notation.) inelastic (00, 0) L ( %, 00) elastic (0, ) s' 315 increasing (0, ) 1 decreasing (007 0) L ( E, 00) X Use information about elasticity in part (b) to decide where the revenue is maximized. q = 315/4

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