How would price increase affect revenue

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Reference no: EM131095194

In this problem, p is in dollars and q is the number of units.

Suppose that the demand for a product is given by the following.

(p + 3)((sqrt)q+8)=2340

(a) Find the elasticity when p = $87. (Round your answer to two decimal places.)

(b) Tell what type of elasticity this is.

(Demand is elastic, Demand is inelastic, OR Demand is unitary elastic)

(Revenue will increase, Revenue will decrease, OR Revenue is independent of price)

Reference no: EM131095194

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