The deamnd for rosebushes in a market is as follows
Price (Per rosebush)-- $10, $11, $12, $13
Quanity Demanded (rosebushes per week)-- 230, 150, 90, 40
a.) Calculate the price elasticity of demand for roses for a price increase from $10 to $11. Is demand elastic or inelastic for this price change?
b.) Calculate the price elasticity of demand for roses for a price increase from $12 to $13. Is demand elastic of inelastic for this price change?