(a) What is meant by price elasticity of demand?
(b) The following figures are extracted from a schedule of demand and supply:

Price	Quantity Demanded	Quantity Supplied
N9.00	1050	850
N10.00	1000	1000
N11.00	950	1150

 (i) Calculate the elasticity of demand when price rises from N10.00 to N11.00.
 (ii) State whether the demand in (i) above is elastic or inelastic.
(iii) Calculate the elasticity of supply when price falls from N10.00 to N9.00.
(iv) State whether the supply in (iii) above is elastic or inelastic