I know this is an economics subject, however I have learned it this term in University Intro Calculus. I have continually had trouble with it and have never gotten anything right. Here are two questions:
1. Demand: p=600-5x at x=30
2. Demand: p=5-0.03x at x=100
I need to find the price elasticity of each and determine whether or not it is elastic or inelastic.
Thanks for your help,