Blossom, Inc., sells 900 bottles of perfume a month when the price is $10. A huge increase in resource costs forces Blossom to raise the price to $12, and the firm only manages to sell 750 bottles of perfume. Using the midpoint formula, the price elasticity of demand coefficient is

• 1 and elastic.
• 1.4 and elastic.
• 1 and unit elastic.
• 1.67 and elastic.