For the demand function q = D(x) = 300/x find the following.
a) The elasticity
b) The elasticity at x = 8, stating whether the demand is elastic, inelastic, or has unit elasticity
c) The value(s) of x for which total revenue is a maximum (assume that x is in dollars)
a) Find the equation for elasticity.
E(x) = 0
b) Find the elasticity at the given price, stating whether the demand is elastic, inelastic, or has unit elasticity.
E(8) =
(Simplify your answer. Type an integer or a fraction.)
Is the demand at x = 8 elastic, inelastic, or does it have unit elasticity?
O A. inelastic
B. unit elasticity
C. elastic
c) Find the value(s) of x for which total revenue is a maximum (assume that x is in dollars).