(Solution Library) Given the price-demand equation p + 0.01 x = 50. Express the demand x as a function of the price p . Find the elasticity of demand, E(p
Question: Given the price-demand equation p + 0.01 x = 50.
- Express the demand x as a function of the price p .
- Find the elasticity of demand, E( p ).
- What is the elasticity of the demand when p = $10? If this price is decreased by 5%, what is the approximate change in demand?
- What is the elasticity of the demand when p = $45? If this price is decreased by 5%, what is the approximate change in demand?
Deliverable: Word Document 
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