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Draw up table showing breakdown of data

Question: Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer.

Q1. State clearly below the formula(s) you have applied in order to calculate the elasticity (calculation is not the same as formula)?.

Q2. Draw up table showing breakdown of data/calculations/results on the basis of which you arrived at your decision in (3).

Q3. What is your conclusion regarding whether the demand is elastic/inelastic/unit elastic? Explain your answer and define terms relevant to elasticity used in your explanation.

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