Calculate the price of elasiticity of demand and interpret your results. Show the formula for your calculation.

Calculate the price of elasiticity of demand and interpret your results. Show the formula for your calculation.

Assume that an over the counter cold medicine is introduced in the market. The medicine is sold in a Show more Assume that an over the counter cold medicine is introduced in the market. The medicine is sold in a pack of 100 caplets. Initially the manufacturer put the product on the market for a price of $20 and seven stores in a district sold 100 packs in a week. This prompted the manufacturer to offer a sale of 25% on the product. As a result the same seven stores of the district sold 140 packs in a week. Calculate the price of elasiticity of demand and interpret your results. Show the formula for your calculation.