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Calculating and Graphing Elasticity of Demand demand elasticity = percentage change in quantity demanded percentage change in price A result of greater than 1 is elastic. A result of less than 1 is inelastic. 23. Suppose the price of gas were to rise $2.00 a gallon to $3.00 a gallon. This is a 50% increase in price. Also supposed consumers reacted to this price rise by buying 11% less gas. Calculate the elasticity and draw a simple demand curve in the space on the next page. . Explain why this product was elastic or inelastic. 24. Suppose the price of energy drinks rose 50% from $2.00 to $3.00. And suppose consumers reacted to this price increase by buying 80% fewer bars. Calculate the elasticity and draw a simple demand curve. . Explain why this product was elastic or inelastic