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Mathematics, 04.04.2020 05:59 olivernolasco23

Elasticity of Demand The demand function for a certain brand of backpacks is
P=50 ln(50/x)
where P is the unit price in dollars and X is the quantity (in hundreds) demanded per month.

1) Find the elasticity of demand, and determine the range of prices corresponding to inelastic, unitary, and elastic demand.

2) If the unit price is increased slightly from $50, will the revenue increase or decrease?

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Elasticity of Demand The demand function for a certain brand of backpacks is
P=50 ln(50/x)

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