elasticity

[Guest]

Does anyone know how to do this (don't worry I am not trying to cheat, just askin for some help, ya'll)

Given the demand function q = 498 - 3p, determine the price where demand has unit elasticity.

 

[stapel]

What is your book's definition of "elasticity"? What is the given relationship between "price" and "demand"?

Please reply showing all of the steps and reasoning you have tried thus far.

Thank you.

Eliz.