At a price of $55, a store sold an average of 175 units of Product X per month.When the price was raised to $65, average monthly sales fell to 155 units

a)Estimate own-price arc elasticity of demand (4 marks)

b)Is Product X a Veblen good?How do you know? (2 marks)

c)Estimate whether own-price elasticity of demand for low-income housing is elastic or inelastic.Explain your answer with reference to the determinants of own-price elasticity (4 marks)