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The following table gives the demand schedule for the Greasy spoon. () Currently the firm charges $4 for its cheeseburgers. When the firm decreases the

The following table gives the demand schedule for the Greasy spoon.

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() Currently the firm charges $4 for its cheeseburgers. When the firm decreases the price of their cheeseburgers from E4 to 3, the number of daily sales increases from 60 to 75. Calculate the price elasticity of demand (show all your calculations) (4 marks) orIs demand elastic, unit-elastic, or inelastic? Explain why

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