The price of a jacket decreases from $100 to $70, and in response the quantity demanded demand increases from 100 to 120. Calculate price elasticity of demand using the point-estimate. Pick the correct option after taking the absolute value: Price elasticity of demand (or |Ed|)is greater than 1 Price elasticity of demand (or |Ed|) is equal to 1 Price elasticity of demand (or |Ed) is less than 1 Price elasticity of demand (or |Ed|) is 0