.A product has the following price demand equation:
f(p) = 300 -0.02p
using the Elasticity of demand equation
E(p= E(p) = Pf'(p)/ f(p)
a. Determine if demand is elastic, inelastic or neither at a price of p=70.
Show the calculus.
b. What affect in Revenue would a small increase in price have?
