Name: 1. When the price of a bar of chocolate is $1, demand is 100,000 bars. When the price rises to $1.50, demand falls to 60,000 bars. Calculate the price elasticity of demand according to the...

Extracted text: Name: 1. When the price of a bar of chocolate is $1, demand is 100,000 bars. When the price rises to $1.50, demand falls to 60,000 bars. Calculate the price elasticity of demand according to the instructions below and express your answer in absolute value. [LO 4.1] a. Suppose price increases from $1 to $1.50. Calculate the price elasticity of demand in terms of percent change. b. Suppose price decreases from $1.50 to $1. Calculate the price elasticity of demand in terms of percent change.