Work out the PED for each, and comment on your result by stating the nature of the of demand.

i.The price of a smartphone is currently 200, and the quantity demanded is 4m. Next year the price falls to 180 and the quantity demanded rises to 6m.

1. The price of pens today is 1, and the quantity demanded is 1m. Next year the price rises to 1.10 and the quantity demanded falls to 950,000.
2. The price of a daily newspaper today is 1.50p, and the quantity demanded is 2m. Next year the price falls by 30p and the quantity demanded rises to 2.2m