In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 5q = 150 at (q, p) = (15, 75). (b) How will a price increase affect total revenue?...

Extracted text: In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function p + 5q = 150 at (q, p) = (15, 75). (b) How will a price increase affect total revenue? Since the demand is elastic, an increase in price will decrease the total revenue. Since the demand is unitary, there will be no change in the revenue with a price increase. Since the demand is elastic, an increase in price will increase the total revenue. Since the demand is inelastic, an increase in price will increase the total revenue. Since the demand is inelastic, an increase in price will decrease the total revenue.