a) Define price elasticity of demand. Let the price elasticity of demand for 'hand sanitizer' is (minus) - 0.20; Is the hand sanitizer elastic / inelastic? Interpret your answer.4

b) If a pharmaceutical company increased the sales of an essential drug from 43,000 to 47,000 units when it lowered price from $350.00 to $300.00. Calculate and interpret price elasticity of demand / supply. What can you conclude the revenue implication of this decision of price change?