1. You want to earn extra money to take your family to Disney Land so you debate whether you should increase your price or not. If your business sells 800 units per month at $20/unit. And studies reveal that your product loses 5% of it customers with every $1 increase in price. If you increase your price to $23.    *You must show all of your calculations and identify the type of elasticity for the product for full marks   What is the coefficient for the elasticity of demand? _________ [2] Identify the type of elasticity. _________________ [1] What would you recommend to the owner in order to help achieve their goal?

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