Question: I need help with this question SHOW ALL YOUR WORK - INCLUDING FORMULA YOU USED 1. a. Calculate the elasticity of demand coefficient for the

I need help with this question

SHOW ALL YOUR WORK - INCLUDING FORMULA YOU USED 1. a. Calculate the elasticity of demand coefficient for the following product. Suppose that the price of a kilo of bananas drops from $4.50 to $3.50, and as a result the quantity sold increases from 85 to 115 Kilos (3 marks) b. Would it be elastic or inelastic in this price range? Explain. (1 mark) c. Calculate the change in revenue that results from the price decrease? Does this justify your answer above? Explain. (1 mark)

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