Product Price elasticity of demand Oil sandwich bicycle sofa Fax machine .20 .32 1.00 2.00 3.00 (Refer to Table 7) Table 7 shows the price elasticity of demand for each product. If the price of oil increases by 50%, the quantity demanded of oil decreases by how much percent? O a. 89 O 6.9% O c. 10% O d. 15%