function q= 19825 √pº where p is in dollars. Currently, each unit of the product is selling for $3. a. Determine the point elasticity of demand of this product. (Do not round &; answer exactly.) The point elasticity of demand is ε = Round these next two parts to the nearest whole number. b. Determine the effect on revenue if the price were decreased by 1 %. If the price were decreased by 1 %, the revenue will increase OF c. Determine the effect on revenue if the price were decreased by 5%. If the price were decreased by 5 %, the revenue will increase by $ by $

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