Question 10 Not yet answered Points out of 4.00 p Flag question Let's say we are working to calculate the elasticity of demand for a product: 1. The price increases from $10 to $15, what is the percentage change in price? [include just the number, not the % ] 2. As a result, the quantity demanded decreases from 50 units to 40. What is the percentage change in quantity demanded? (please remember the sign (+ or -)) 3. Now, putting the two parts together, what is the price elasticity of demand in this case? 4. Based on this, is the product O Elastic O Inelastic O Perfectly Elastic O Perfectly Inelastic 5. Given what you know about elasticity and taxation if you were trying to maximize tax revenue, would you tax this product heavily? Why or why not? 9OF O Search lostly cloudy