Suppose the demand function for a product is given by 3000- -(² +) where p is in hundreds of RM and q is the number of tons. Determine the point elasticity of demand when the quantity demanded is 6 tons Is demand elastic, is it inelastic, or does it have unit elasticity at this point? Approximate the percentage change in price if the demand of 6 tons is decreased by 3%

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A: Price elasticity of demand refers to responsiveness of quantity demanded to changes in price.

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A:

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A: demand refers to the amount of goods and services needed by the consumers.

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A:

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