A study of the consumption of beverages in Mexico found​ that: "Overall, for soft drinks a​ 10% price increase decreases the quantity consumed by​ 10.6%."

​Source: M.A.​ Colchero, et​ al., "Price Elasticity of the Demand for Sugar Sweetened Beverages and Soft Drinks in​Mexico," Economics and Human Biology, Vol.​ 19, December​ 2015, pp.​ 129-137.

Given this​ information, the price elasticity of demand for soda in Mexico is _____ . ​(Enter your response rounded to two decimal places. Use a negative sign if you are entering a negative​number.)

Is demand price elastic or price​ inelastic? Briefly explain.

A.) ​Inelastic, because the percentage change in quantity demanded is less than the percentage change in price.
B.) Elastic, because the percentage change in quantity demanded is less than the percentage change in price.
C.) ​Inelastic, because the percentage change in quantity demanded is greater than the percentage change in price.
D.) ​Elastic, because the percentage change in quantity demanded is greater than the percentage change in price.