(a) What is meant by price elasticity of demand? (b) The following figures are extracted from a schedule of demand and supply: Price Quantity Demanded Quant...

(a) What is meant by price elasticity of demand?
(b) The following figures are extracted from a schedule of demand and supply:

 (i) Calculate the elasticity of demand when price rises from N10.00 to N11.00.
 (ii) State whether the demand in (i) above is elastic or inelastic.
(iii) Calculate the elasticity of supply when price falls from N10.00 to N9.00.
(iv) State whether the supply in (iii) above is elastic or inelastic