Suppose that the market for frozen orange juice is in equilibrium at a price of $2.00 per can and a quantity of 4200 cans per month. Suppose that when the price changes to $2.40 per can, the quantity demanded falls to 3400 cans per month, and the quantity supplied increases to 5000 cans per month. b. Calculate the price elasticity of demand for frozen orange juice between the prices of $2.00 and $2.40. Is the demand elastic or inelastic? (Be sure to use average prices and quantities when computing the percentage changes.) The price elasticity of demand for frozen orange juice between the prices of $2.00 and $2.40 is - 1.16 . (Enter your response rounded to two decimal places.) In this case, demand is considered elastic c. Calculate the elasticity of supply for frozen orange juice between the prices of $2.00 and $2.40. Is the supply elastic or inelastic? (Be sure to use average prices and quantities when computing the percentage changes.) The price elasticity of supply for frozen orange juioe between the prices of $2.00 and $2.40 is (Enter your response rounded to two decimal places.)