Currently, Delta Foxtrot company charges a price of $8 per unit and sells 100 units of its product. When it lowers its price to $4 per unit it sells 140 units. What is Delta Foxtrot's price elasticity of demand coefficient? (Use the "mid-point formula." Round to the nearest tenth). 1.5 17 0.8 0.5 1.2 Question 2 Which of the following is the correct definition of "Income elasticity of demand?" the responsiveness of quantity demand to changes in price the responsiveness of quantity demand to changes in buyers' income O the responsiveness of quantity demanded of good X to changes in the price of good Y the responsiveness of buyers' income to changes in quantity demanded