I'm currently taking undergrad microeconomics and came across the following question:
The current price floor in the agricultural lettuce market makes it such that price of lettuce is 25% higher than equilibrium price and 100 heads of lettuce are demanded. Assuming that the elasticity of demand for lettuce is -0.50, what would be the equilibrium price and quantity of lettuce if the government removed the current price floor?
Here's how I've tried to solve the question: https://i.stack.imgur.com/2a4oY.jpg .
The answer is
Price = $0.75, Quantity = 112.5.
but I don't know how to solve that.