based on market demand and total expenditure
Hatta Enterprises has developed a new product. The market demand for this product is given as follows:
QD = 240 - 4P
i. If the product is priced at $40, estimate the price elasticity of demand? Is demand elastic or inelastic?
ii. If the product price is increased slightly from $40, what will happen to the total expenditure on the product?
i have read many notes to answer this types of question but it just give me more confuse so i really need help