It is inelastic at high prices and elastic at low prices. It is perfectly elastic at very high prices and perfectly inelastic at very low prices. Question 12 At a price of $100, Beachside Canoe Rentals rented 14 canoes, When it increased its rental price to $125, 9 canoes were rented. Calculate the absolute value of the price elasticity of demand for canoe rentals using the midpoint formula. O 09 O 0.75 1.25 0 2 Question 13 When the price of tortilla chips rose by 10 percent, the quantity of tortilla chips sold fell 4 percent. This indicates that the demand for tortilla chips is