Benton County farmer is selling organic blueberries to local consumers. A recent market study by OSU agricultural economists has estimated that the price elasticity of demand for organic blueberries in Oregon consumer markets is 1.1.What does "own price elasticity of demand = 1.1" mean? (5points)

hint:

• you may use the formal definition/formula for calculating price elasticity and the concept of elastic and inelastic demands to develop your answer.
• You may also use the change in total revenue due to price change for the given price elasticity of demand.

4 b) In a prominent suburb, real estate developers are building thousands of new eco-friendly apartments.What is the price elasticity of demand for the apartments so that the tenants pay the lowest rent possible? Explain.