In 1916 in the United States, the Ford Motor Company sold 500,000 Model T Fords at a price of $440. Henry Ford believed that he could increase sales of the Model T by 1,000 cars for every dollar he cut the price. Use this information to calculate the price elasticity of demand for Model T Fords. Use the midpoint formula based on a 2510 change in price for your calculation. The price elasticity of demand for Model T Fords is (Round your response to two decimal' places). Determine whether the demand for the following product is likely to be elastic or inelastic. a. Alcoholic beverages Demand for this type of product is likely to be partially because it has substitutes. b. Juice Demand for this type of product is likely to be partially because it has substitutes. c. DVDs Demand for this type of product is likely to be partially because it has substitutes. d. Flour EDIE IIED Demand for this type of product is likely to be partially because it has substitutes