4. Consider the following price-demand equation for a product, assuming price and demand are both...
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4. Consider the following price-demand equation for a product, assuming price and demand are both positive: p=500.125x2(0x20) a) (2 points) Write the demand (x) as a function of price (p) b) (1 point) If the price of the product is decreased, will the demand increase or decrease? c) (3 points) If the price of the product is currently $20 and is decreased by 15%, by what percentage will the demand change? MATH 2138 Quantitative Business Analysis II d) (3 points) Find the interval for which the demand is elastic e) (3 points) Find the interval for which the demand is inelastic
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