Hi, i cannot understand why the "Price elasticity of demand is 8.87" on Q6 of the attached file.

Could you kindly elaborate it for me?

06: Use the estimated demand function and cost information to analyze the decision to launch the Apple Watch at a price of $349. As a member of the launch team, would you have argued for a higher or lower price point? Support your answers with quantitative analysis. (500 Words; 25 Marks)- DEMAND FUNCTION 450 400 350 300 250 200 150 100 y = -0.0004x + 422.83 50 -100,000 100,000 300,000 500,000 700,000 900,000 1,100,000 Wkly Demand Price 1,014,800 534,800 200 486,800 220 414,800 250 294,800 300 177,200 349 102,800 380 2,000 422 Demand function illustrates the changes in quantity demanded of Apple in response to price changes. We have used the function given in case and compared the quantities based on prices of competing products.~ Price elasticity of demand is (8.87) which means market is highly elastic.~ Conclusione