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AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – - 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.

AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – - 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.

Algebra & Trigonometry with Analytic Geometry
Algebra & Trigonometry with Analytic Geometry
13th Edition
ISBN:9781133382119
Author:Swokowski
Publisher:Swokowski
Chapter5: Inverse, Exponential, And Logarithmic Functions
Section: Chapter Questions
Problem 9T
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AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.
Transcribed Image Text:AustinPowerPeripherals Inc. has a new battery to market (trademark #87364q). The demand function is D(p) = 100 – 3p. Write a complete sentence that answers each of the following. (i) Find the Elasticity of Demand at a price of $2. Write down the general elasticity formula and then show all steps and work for your calculations. Round the elasticity value to three places. (ii) At that price, indicate if demand is elastic, inelastic, or unitary. (iii) Finally, indicate if the price should be raised, lowered, or kept the same.
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