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If the price of corn rises 1 percent and the quantity demanded for corn falls 5 percent, then price elasticity of demand (Ed) is a.

If the price of corn rises 1 percent and the quantity demanded for corn falls 5 percent, then price elasticity of demand (Ed) is

a. Ed = - 5 and demand is price elastic

b. Ed = - 5 and demand is price inelastic

c. Ed = - 1/5 and demand is price inelastic

d. None of the other answers

e. Ed = - 1/5 and demand is price elastic

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