The Furthur Phish Company Has Recorded the Following Data for Three

Essay

The Furthur Phish Company has recorded the following data for three of their products: $$\begin{array} { l c c c c } \text { Product } & \text { Old Price } & \text { New Price } & \text { Old Quantity } & \text {New Quantity } \\\mathrm { X } & \$ 14.75 & \$ 14.25 & 2,000 & 2,200 \\\mathrm { Y } & 19.25 & 18.50 & 3,000 & 3,300 \\\mathrm { Z } & 24.50 & 27.50 & 4,000 & 3,600\end{array}$$
Required:
a.Determine the price elasticity of demand for each of the products.
b.Which products have an elastic demand? Inelastic demand?