Question: Indicate whether each statement describes elastic, inelastic, or unit elastic demand. a .When Cowboy Blues lowers the price of their blue jeans by 5.05.0%, the

Indicate whether each statement describes elastic, inelastic, or unit elastic demand.

a.When Cowboy Blues lowers the price of their blue jeans by 5.05.0%, the number of jeans sold increases by 5.05.0%.

elastic

inelastic

unit elastic

b.When Cowboy Blues lowers the price of their blue jeans by 59.059.0%, the number of jeans sold increases by 34.034.0%.

elastic

inelastic

unit elastic

c.When Cowboy Blues raises the price of their blue jeans by 51.051.0%, the number of jeans sold decreases by 55.055.0%.

elastic

inelastic

unit elastic

d.When Cowboy Blues lowers the price of their blue jeans by 15.015.0%, the number of jeans sold increases by 46.046.0%.

elastic

inelastic

unit elastic

e.When Cowboy Blues lowers the price of their blue jeans by 21.021.0%, the number of jeans sold increases by 7.07.0%.

elastic

inelastic

unit elastic

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