Problem
Consider the market for widgets and cogs (again). You study survey data and observe that if widgets cost $5, then 100 widgets are demanded and 60 cogs are demanded. You also observe that if widgets cost $3, then 200 widgets are demanded and 100 cogs are demanded. If cogs cost $2, then 125 cogs are demanded. Can the Price Elasticity of Demand be calculated for either good? If so, calculate the PED.
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.