{Use of Tech} Demand functions and elasticity Economists use demand functions to describe how much of a commodity can be sold at varying prices. For example, the demand function D(p) = 500 - 10p says that at a price of p = 10, a quantity of D(10) = 400 units of the commodity can be sold. The elasticity E = dD/dp p/D of the demand gives the approximate percent change in the demand for every 1% change in the price. (See Section 3.6 or the Guided Project Elasticity in Economics for more on demand functions and elasticity.)
b. If the price is $12 and increases by 4.5%, what is the approximate percent change in the demand?