If the price elasticity of demand for a product is 2.5, then a price cut from $2.00 to $1.80 will:
a) Increased the quantity demanded by about 2.5 percent
b) Decreased the quantity demanded by about 2.5 percent
c) Increased the quantity demanded by about 25%
d) Increased the quantity demanded by about 250%
Please show working for problem.