Do the following characteristics apply to elastic, inelastic, or unitary elastic demand?

1. Elasticity equals 1 _______________________________

2. Elasticity is greater than 1 ___________________________

3. Elasticity is less than 1 ______________________________

4. Jim buys sports drinks at a convenience store. The price rises by 20%, but he only reduces his quantity demanded by 5%. ___________________________________

5. Tom buys candy bars at a convenience store. The price rises by 20% and he reduces his quantity demanded by 50%. ___________________________________

6. Don buys bags of chips at a convenience store. The price rises by 10%, and he reduces his quantity demanded by 10%. ______________________________________

7. What is the equation to determine Elasticity?