QuestionElasticity of Demand The demand function for a certain brand of backpacks is $$p=53 \ln \left(\frac{53}{x}\right) \quad(0<x \leq 53)$$ where $p$ is the unit price in dollars and $x$ is the quantity (in hundreds) demanded per month. (a) Find the elasticity of demand $E(p)$. $$E(p)=$$ $\square$
Determine the range of prices corresponding to inelastic, unitary, and elastic demand. Demand is inelastic if $\square$ , unitary if $\square$ --Select-, and elastic if $\square$ -Select--. (b) If the unit price is increased slightly from $\$ 53$, will the revenue increase or decrease? The revenue will increase. The revenue will decrease. The revenue will remain constant.