Question: 1. Suppose Paul has a Price Elasticity of Demand for Pork Chops that is equal to 2.5. If the price of Pork Chops increases

1. Suppose Paul has a Price Elasticity of Demand for Pork Chops that is equal to 2.5. If the price of Pork Chops increases by

1. Suppose Paul has a Price Elasticity of Demand for Pork Chops that is equal to 2.5. If the price of Pork Chops increases by 20%, what would happen to the quantity of his Pork Chop purchases? Is his demand elastic or inelastic? 2. If the price of Wine is $10 a bottle, Clarice will buy 20 bottles each week. If the price is instead $15 per bottle, Clarice will purchase 10 bottles each week. What is Clarice's Price Elasticity of Demand? Is her demand elastic or inelastic?

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