The price elasticity of demand for a white shirt is 0.8, while the price elasticity of a pair of Levi jeans is 2.4. Explain what you can conclude about the elasticities of these two products.
Benny used to sell rubber boots at R125 per pair. At this price he was able to sell 50 pairs of boots per day. When he increases the price to R140 per pair, his sales decrease to 42 pairs per day. Use the point method to calculate the elasticity of this product.