If sales (quantity) for a particular product are 1000 at the current price of $25, and we want to move the price to $28 where sales (quantitiy) will be equal to 800. Find the elasticity of demand. Is the demand elastic, inelastic, or unit elastic. Remember: Elasticity = % Change in Quantity / % Change in Price, where % Change = ((old-new)/old)x 100
