Price elasticity of demand and Perfect Competition The market for organic tomato is competitive. Table 1 below presents the price and demand schedule for tomato in the market. Table 1. Price and demand for organic tomatoes Price of organic tomato (per 100g) Quantity demanded $3 2000 $4 1600 $5 1000 $6 700 $7 420 $8 100 $9 0 Referring to Table 1 above, calculate the price elasticity of demand for organic tomatoes when its price increases from $8 per kg to $5 per kg. [Hint: Apply the mid-point formula and round up to two decimals. Please include a minus sign for your answer.]