Solved: What is the price elasticity of demand is the demand, Business Economics

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What is the price elasticity of demand is the demand

Question

Suppose the price of sugar increases from $0.80 to $1.00 a pound and the quantity demanded decreases from 100 pounds to 95 pounds.

What is the price elasticity of demand? Is the demand elastic, inelastic or unit elastic?If the price of sugar were to increase by 20 percent, what would be the percentage change in the quantity demanded? According to your estimate, what happened to the sugar revenue after the price rose? Explain.

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