Given the demand function D(p) = √125 - 4p, Find the Elasticity of Demand at a price of $1 At this price, we would say the demand is: O Unitary Inelastic Elastic Based on this, to increase revenue we should: O Lower Prices O Keep Prices Unchanged Raise Prices

Given the demand function D(p) = √125 - 4p, Find the Elasticity of Demand at a price of $1 At this price, we would say the demand is: O Unitary Inelastic Elastic Based on this, to increase revenue we should: O Lower Prices O Keep Prices Unchanged Raise Prices

Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter20: Consumer Choice And Elasticity

Section: Chapter Questions

Problem 7CQ

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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly

Given the demand function D(p) = √125 - 4p,
Find the Elasticity of Demand at a price of $1
At this price, we would say the demand is:
O Unitary
Inelastic
Elastic
Based on this, to increase revenue we should:
O Lower Prices
O Keep Prices Unchanged
Raise Prices

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