Suppose the demand equation is: Q = 80 0.75p. What is the price elasticity of demand if the price is $40 per unit and output is 50 units? The price elasticity of demand is . (Enter a numeric response using a real number rounded to two decimal places.) This means that if the price increases by 9%, the quantity demanded will V by %. (Enter a numeric response using a real number rounded to two decimal increase decrease