02 Question (1 point) See page 305 Suppose that economists estimate that the demand for blue jeans is characterized by a constant price elasticity of -2. Supply of jeans is competitive with a long-term price of $36.00. The current quantity demanded is 20 (in thousands). Give all answers to two decimals. 1st attempt Part 1 (0.5 point) 0 See Hint What is the coefficient on the demand function? Part 2 (0.5 point) See Hint What will be the new equilibrium quantity if the price increases to $41.00? thousand jeans