The proprietor of the Showplace, a video store, has estimated that the rental price p (in dollars) of prerecorded video discs is related to the quantity x rented/day by the demand equation 
Currently, the rental price is $3/disc. Is the demand elastic or inelastic at this rental price? If the rental price is increased, will the revenue increase or decrease?
A) inelastic, increase
B) inelastic, decrease
C) elastic, decrease
D) elastic, increase
Correct Answer:
Verified
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