The correct answer is (c) 2.
Price elasticity of demand is a measure of how responsive consumers are to changes in the price of a good or service. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price.
In this case, the price of mangoes increases by 50% (from 50 to 75), and the quantity demanded decreases by 50% (from 100 to 50). Therefore, the price elasticity of demand is 2.
A price elasticity of demand of 2 means that a 1% increase in price will lead to a 2% decrease in quantity demanded.
A price elasticity of demand of less than 1 means that demand is inelastic. This means that consumers are not very responsive to changes in price, and a change in price will not have a large impact on the quantity demanded.
A price elasticity of demand of greater than 1 means that demand is elastic. This means that consumers are very responsive to changes in price, and a change in price will have a large impact on the quantity demanded.
In this case, the price elasticity of demand is 2, which means that demand is elastic. This means that consumers are very responsive to changes in price, and a change in price will have a large impact on the quantity demanded.