p is in dollars and q is the number of units. Find the elasticity of the demand function 
at 
, and use it to determine how a price increase will affect total revenue.
?
A. Since the demand is elastic, an increase in price will decrease the total revenue.
B. Since the demand is elastic, an increase in price will increase the total revenue.
C. Since the demand is inelastic, an increase in price will decrease the total revenue.
D. Since the demand is inelastic, an increase in price will increase the total revenue.
E. No change in revenue.
Answer: A
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