At $6 per steak, consumers are willing to buy two steaks. At a price of $2, consumers are willing to buy five steaks. Determine the price elasticity of demand for steak (kindly ignore the negative signs) and state whether it is elastic or inelastic. (2 marks)

Select one:a.

2.25, inelastic.

b.

0.857, inelastic

c.

0.857, elastic

d.

2.25, elastic