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  3. 6. the demand equation for a product is given by p

6. The demand equation for a product is given by p=22-x^2/3x where p (in dollars)...

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Accounting

6. The demand equation for a product is given by p=22-x^2/3x where p (in dollars) is the unit price of the product corresponding to x units of consumer demand.

a) Find the elasticity of demand for this product and evaluate it at x = 2.

b) Is the demand elastic, inelastic or of unit elasticity at x = 2?

c) At x = 2, if the price is decreased by 1%, by what percentage will the demand increase?

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