What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic

Question

Suppose the price of apples rises from $3.50 a pound to $4.00 and your consumption of apples drops from 30 pounds of apples a month to 20 pounds of apples. Calculate your price elasticity of demand of apples. What can you say about your price elasticity of demand of apples? Is it Elastic, Inelastic, or Unitary Elastic? Be sure to show the work you used to support your answer with the math work out. Thank you

Answer 1

price elasticity of demand = %change in product / % change in price

10/30 / $0.50/3.50

1/3 / 1/ 7 = 2 1/3

This number is > 1 so the price elasticity of demand is Elastic.