The quantity demanded each week x (in units of a hundred) of the Mikado miniature camera is related to the unit price p (in dollars) by the demand equation 
.
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Is the demand elastic or inelastic when 
?
?
__________
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Is the demand elastic or inelastic when 
?
?
__________
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When is demand unitary? If it is necessary round the answer to two decimal places.
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Hint: Solve 
for p.
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p = __________
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If the unit price is lowered slightly from $18, will the revenue increase or decrease?
?
__________
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If the unit price is increased slightly from $24, will the revenue increase or decrease?
?
__________
What will be an ideal response?
inelastic; elastic; 20; increase; decrease
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