Question: Please answer the question below. Thank you for your help. 2. There has been discussion on imposing taxes on unhealthy food. Assuming that there is

Please answer the question below. Thank you for your help.

2. There has been discussion on imposing taxes on unhealthy food. Assuming that there is a tax on coke which causes the price to increase from $1/bottle to $1.2/bottle. The price elasticity of demand for coke is -0.6. What will be the percentage change in demand for coke (please indicate whether it is increase or decrease) ? [Please show your equation, calculation, and final answer; no need to draw graphs]

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