For each of the following situations, choose the correct answer to indicate whether demand is elastic, inelastic, unit elastic, perfectly elastic or perfectly inelastic. Group of answer choices If an 8% increase in the price of lobster leads to a 15% decrease in the quantity demanded of lobster, then the demand for lobster is Elastic If a 5% decrease in the price of iced tea leads to a 3% increase in the quantity demanded of iced tea, then the demand for iced tea is Inelastic If a 12% decrease in the price of apples leads to a 12% increase in the quantity demanded of apples, then the demand for apples is Unit elastic If a 3% decrease in the price of Panadol leads to no change in the quantity demanded of Panadol, then the demand for Panadol is Perfectly inelastic