The correct answer is (b).
The price elasticity of demand is a measure of how responsive consumers are to changes in price. It is calculated by dividing the percentage change in quantity demanded by the percentage change in price. In this case, the percentage change in price is 22.22% (110 – 90 / 90 * 100), and the percentage change in quantity demanded is 33.33% (240 – 160 / 240 * 100). Therefore, the price elasticity of demand is 2.4.
Option (a) is incorrect because the price elasticity of demand is not equal to 1.0. Option (c) is incorrect because the price elasticity of demand is not equal to 0.5. Option (d) is incorrect because the price elasticity of demand is not equal to 2.0.