Given the following examples determine and explain which types of elasticity of demand you are able to calculate, and then calculate using the formulas given in the textbook. After calculating please interpret the calculations.
Consider the markets for widgets and cogs. You study survey data and observe that if widgets cost $5, then 100 widgets are demanded. You also observe that if widgets cost $3, then 150 cogs are demanded and if widgets cost $4 then 100 cogs are demanded