Yesterday the price was 5 per pizza and john was willing to, Financial Management

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Yesterday the price was 5 per pizza and john was willing to

A) Yesterday, the price was $5 per pizza, and John was willing to buy 5 pizzas. Today, the price has gone up to $7, and John is now willing to buy only 3 pizzas. What is John's elasticity of demand? Is John's demand for pizzas elastic or inelastic?

B) If the price of a product increases by 5% and the quantity demanded decreases by 15%, what is the price elasticity of demand? Is it elastic, inelastic or unitary elastic?

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