If the price elasticity of demand for a product is -0.8, and the product currently sells for $100 per unit, how much will demand for the product change (expressed as a percentage) if the price is increased to $110 per unit?
a. demand will decrease by 9%
b. demand will increase by 8.18%
c. demand will decrease by 8%
d. there isn't enough information to answer this question
e. demand will decrease by 9.9%
