Show the formula used and write every step down on a paper sheet. Do NOT type in. Graph the solution as well.

3. Alex is a terrific athlete as he is the captain of his basketball team. The championship game is this weekend, so he plans on buying new shoes for his entire team from Dick's Sporting Goods, but realizes that the price of a Nike Air Jordan shoe increased from $125.00 a pair to $150.00 a pair. Now, Alex only consumes 2 Nike Air Jordan shoes instead of his initial intent of purchasing 3 shoes. What is the price elasticity of demand for a Nike Air Jordan shoe