The demand for wooden chairs can be modeled as D(p) = -0.01p + 6.25 million chairs where p is the price (in dollars) of a chair. (a) Find the point of unit elasticity. The point of elasticity occurs when p = $ and D(p) = million chairs. %3D %3D (b) For what prices is demand elastic? For what prices is demand inelastic? Demand is inelastic for

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A: Recall the following. The elasticity is computed as follows. E=-dQdP×PQ

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