The price of Good X increases 80%. The price of good X is very small, relative to consumers’ income. Should we expect demand to be more elastic or more inelastic? Explain.
a) More elastic, because the percentage change in price is large
b) More inelastic, because the percentage change in price is large
c) More elastic, because the price of Good X is a small portion of consumers' income
d) More inelastic, because the price of Good X is a small portion of consumers' income