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I don't understand how I'm supposed to answer the questions here? Elasticities Exercise (Ex. 3.2) If the price charged to park in the student parking

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I don't understand how I'm supposed to answer the questions here?

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Elasticities Exercise (Ex. 3.2) If the price charged to park in the student parking lot goes from $2.50 to $3.50, the quantity demanded (number) of student parking spaces decreases from 1000 to 950 per day. What is the arc own price elasticity of demand for student daily parking over this range? Is the demand curve for daily student parking spaces elastic, unit elastic, or inelastic over the range of this price change? Over a different segment of the demand curve for student daily parking spaces, the own price elasticity of demand is measured as -2. If the price of student parking spaces decreases by 5% in this interval, by what percent and in which direction will the number of student parking spaces demanded change? Direction: (+ or -): % change

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