Answer this question 1. Calculate 2. define 3. explain 4. include 2 references (Harvard referencing) (less than 250 words) In May 2009, iTunes raised...

Answer this question  

1. Calculate  2. define 3. explain 4. include 2 references (Harvard referencing)  (less than 250 words)

In May 2009, iTunes raised the price of 33 songs from 99¢ per download to $1.29 per download. In the week following the price rise, the quantity of downloads of these 33 songs fell 35 per cent. Taking this into account calculate the price elasticity of demand for these 33 songs.