1 A consumer bought 300units of a product when the price of the product was $10per unit.If the price drops to $8per unit the consumer will buy 440units of the product.Calculate the price elasticity of demand of this product.Comment on the value you have obtained ..

2 A consumer bought 500 units of a product when his/her income was $3,000. When the income increased to $3,500 the consumer buys 600 units of the product. Calculate the Income elasticity of demand for this product. Comment on the value you have obtained.