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A elasticity question A shop produces and sells 100 luxury hampers a day at $80 each. When it cut the price to 364 it increased

A elasticity question

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A shop produces and sells 100 luxury hampers a day at $80 each. When it cut the price to 364 it increased its sale to 116 hampers a day. The shop's price elasticity of demand (PED), calculated using the point-price elasticity formula used in The Economy, is This value of PED indicates that demand is 6 . Given this price elasticity of demand, if the price increases by 5 percent, the corresponding percentage change in quantity will be e

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