The Coefficient of Elasticity is: Percent Change in Quantity Divided by Percent Change in Price Abbreviated as: % Q / % P We have defined Percent Change for Elasticity Calculations as: (High Amount - Low Amount) / Low Amount Determinants of Elasticity: Subsitutability Short run or long run Luxury or Necessity Temporary or permanent Proportion of income Different consumer groups Broadness of the definition Brand loyalty Question 1, Part A: Is the demand for this product Elastic or Inelastic between points "a" and "b"? Please explain your answer. Type your answer and explanation here: Question 1, Part B: Now the product sells for about $65.00. If you were the producer, would you raise your price, lower it, or keep it the same? Please explain using the concept of Elasticity and some specific numbers. Type your answer and explanation here