Answer the question on the basis of the following demand schedule. 
The price elasticity of demand is relatively elastic
Definitions:
Cost Formula
An equation used to predict costs at different levels of activity, incorporating fixed and variable cost components.
Wages and Salaries
The compensation paid to employees for their labor, including hourly wages and annual salaries.
Catering Supplies
Goods and materials used in the provisioning of catering services, including food, beverages, and equipment required for event hosting.
Jobs
Individual tasks or projects within a company, often referring to production or service assignments that are tracked for costing purposes.
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