Question: Suppose that the demand for a product is given by pq + p + 100q = 50,000. (a) Find the elasticity when p = $401.

Suppose that the demand for a product is given by pq + p + 100q = 50,000.
(a) Find the elasticity when p = $401.
(b) Tell what type of elasticity this is.
(c) How would a price increase affect revenue?

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