Question 2 The following information reveals the market condition of shampoo: Price ($1 I bottle Quantity demanded (No. of botttes) 50 1500 60 1300 70 1100 80 900 Use midpoint method to calcutate the price elasticity of demand of shampoo if the price of shampoo per bottle decreases from $60 to $50. Show your workings and round your answer to 2 decimal places. Based on your answer, would you support the producers of the shampoo to decrease the price in this market? Explain with data support. {12 marks)