Assume that a producer of handbags starts with selling 100 handbags for a price of $25 per handbag. They decide to drop the price to $15 and find that they can now sell 150 handbags. Calculate elasticity using the mid-point formula. Which of the following is true about the absolute value of price elasticity of demand? a. Price elasticity of demand (or |Ed|)is greater than 1 b. Price elasticity of demand (or |Ed|) is equal to 1 c. Price elasticity of demand (or |Ed) is less than 1 d. Price elasticity of demand (or |Ed|) is 0