Answer the following questions for the price-demand equation.
p+0.005x = 50
(A) Express the demand x as a function of the price p
X =
The domain of this function is (Type an inequality or a compound inequality.)
(B) Find the elasticity of demand, E(p)
E(p) =
(C) What is the elasticity of demand when p = 30?
The elasticity of demand when p = 30 is (Type an integer or a simplified fraction.)
If the price is increased by 20%, what is the approximate change in demand?
The demand
approximately
%.
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