Step 1 :Given the price-demand equation \(x = 2500 - 4p^2\), we first need to find the derivative of this function.
Step 2 :The derivative of the function \(f(p) = 2500 - 4p^2\) is \(f'(p) = -8p\).
Step 3 :We then substitute this derivative into the elasticity formula \(E = \frac{p}{x} \cdot f'(p)\) to get \(E = -\frac{8p^2}{2500 - 4p^2}\).
Step 4 :The demand is elastic if \(|E| > 1\) and inelastic if \(|E| < 1\). We solve these inequalities to find the values of \(p\) for which the demand is elastic and inelastic.
Step 5 :Solving the inequality \(|E| > 1\), we find that the values of \(p\) for which demand is elastic are \((-\infty, -25) \cup (-25, -\frac{25\sqrt{3}}{3}) \cup (\frac{25\sqrt{3}}{3}, 25) \cup (25, \infty)\).
Step 6 :Solving the inequality \(|E| < 1\), we find that the values of \(p\) for which demand is inelastic are \((-\frac{25\sqrt{3}}{3}, \frac{25\sqrt{3}}{3})\).
Step 7 :\(\boxed{\text{Final Answer: The values of } p \text{ for which demand is elastic are } (-\infty, -25) \cup (-25, -\frac{25\sqrt{3}}{3}) \cup (\frac{25\sqrt{3}}{3}, 25) \cup (25, \infty). \text{ The values of } p \text{ for which demand is inelastic are } (-\frac{25\sqrt{3}}{3}, \frac{25\sqrt{3}}{3}).}\)