Problem
1. If elasticity of demand is 2 and price is raised from $10 to $11, by what percentage will quantity demanded fall?
2. If elasticity of demand is 0.5 and price is lowered from $20 to $19, by what percent age will quantity demanded rise?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.