Lids /1 bis objs 1 1 Jj- A product priced at $5 has annual sales of 1,000 units. When price is reduced to $4, quantity increases to 1,250 units. The price elasticity of demand for the product is unitary O elastic O inelastic O zero O alsyl bis obj- 1 The income elasticity of demand for education is 3.5. Thus, a 4% increase in income will decrease the quantity of education demanded by 3.5% O decrease the quantity of education demanded by 14% O increase the quantity of education demanded by 4% O increase the quantity of education demanded by 14%