Assume that for the average consumer, the quantity demanded for jeans increases from 5 to 7 pairs per year in response to a price decrease from $ 29 to $ 24 per pair. The price elasticity and relative elasticity of demand for jeans is best described by which of the followingPrice elasticity of demand Relative elasticity () ①A. -1.77 Relatively inelastic ②B. -2.32 Relatively elastic ③C. -1.77 Relatively elastic
A. ①
B. ②
C. ③