Should the farmer increase or decrease price of cabbages

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The quantity q of cabbages sold by a farmer at a farmer's market depends on price p in dollars. The variables q and p are related by the equation q^2+2p^2+5xy=2000. Find the elasticity of demand when p=3. Interpret your answer. Is demand elastic, inelastic, or unitary at this price? Should the farmer increase or decrease the price of cabbages?

Reference no: EM131166367

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