Assume that a producer sells canvas shoes. They start with a price of $20 and increase the price to $30. As a result, quantity demanded decreases from 400 to 100. Use the point estimate of elasticity to calculate |Ed|. Which of the following is true? a) |Ed|>2 (Price elasticity of demand is greater than 2) b) 1<|Ed|<2 (Price elasticity of demand is greater than 1 but less than 2) c) |Ed|=1 (Price elasticity of demand is equal to 1) d) 0<|Ed|<1 (Price elasticity of demand is greater than 0, but less than 1)