Question $2$: Price Elasticity $of$ Demand

$2\mathrm{.}1$ Linear Demand Function

$Q_L=80-5P$

Tasks: Calculate the price elasticity $of$ demand $at$ the following price points. Make sure

$to$ retrieve the respective level $of$ quantity first. Classify the demand $as$ elastic, inelastic, $or$

unit elastic $at$ both $of$ these points.

$P=8$

$P=12$