V2

Explain your answer and/or show your work to receive full credit. 1. True or False. Explain your answer. a. A price elasticity of demand of 2 for a specific cola means that if the price increases 10 percent, the quantity demanded of the cola will decrease by 2 percent. b. A price elasticity of demand -2 for a specific cola means that if the price increases 1 percent, the quantity demanded of the cola will decrease by 2 percent