Use the Correct Elasticity. Your company currently sells 50 units of salt per year and has decided to increase its price from $1.00 to $1.20. In a meeting, one person says, “As shown in Table 20.2 on...

Use the Correct Elasticity. Your company currently sells 50 units of salt per year and has decided to increase its price from $1.00 to $1.20. In a meeting, one person says, “As shown in Table 20.2 on page 438, the price elasticity of demand for salt is 0.10, so if we increase the price of salt by 20 percent, the quantity demanded will decrease by 2 percent.” What’s wrong with this statement?