What is the elasticity for potatoes in Table 4.5? Explain what this number tells you about the effect of price increases on the demand for potatoes. Is the demand for potatoes elastic or inelastic? Is this what you expect? Explain.

Cabbage 0.25 Potatoes 0.27 Wool 0.33 Peanuts 0.38 Eggs 0.43 Milk 0.49 Butter 0.62 Oranges Cream Apples Peaches Fresh tomatoes Lettuce Fresh peas 0.62 0.69 1.27 1.49 2.22 2.58 2.83