The Department of Housing and Urban Development (HUD) has used housing subsidies as one of its principal tools for guaranteeing adequate housing for low-income families. An economist at HUD estimates that a 20 percent drop in the price of housing will stimulate an increase in demand for low-cost housing approximately by 13.5 percent in 2003. With this information, calculate the price elasticity for low-cost housing, and interpret this number for a non-economist. 2. Suppose the President has set a target of increasing low-cost housing consumption by 35 percent (compared to 10 million). Based on the price elasticity you calculated above, what percent drop in price is required to meet this goal?