I need help answering if this is demand elastic of inelastic.
A policy adviser suggests that in order to improve its balance of trade with china, Canada should lower the price of some heavy machinery equipment. Suppose the demand function is: $$ Q=\frac{5000}{(3P+1)^2} $$ Where $Q$ is quantity per year and $p$ is price (measured in hundreds of thousands of dollars).
Find an expression for the price elasticity of demand for this equipment. Suppose the current $p$ is equal to $3$; at this price is the demand elastic or inelastic?
I can't determine how to get the expression, any help would be great!