Determine and interpret the elasticity for a price change from 40 to 60.

From the provided demand schedule:
The initial price is $P_1 = 40$.
The initial quantity demanded is $QD_1 = 40$.
The final price is $P_2 = 60$.
Looking at the schedule, the quantity demanded becomes 0 at a price of $50. For any price equal to or greater than$50, the quantity demanded will be 0. Therefore, for $P_2 = 60$, the final quantity demanded is $QD_2 = 0$.

The formula for point price elasticity of demand (PED) is:

Substitute the values:

The absolute value of the price elasticity of demand is $|-2| = 2$.

Since the absolute value of the price elasticity of demand is 2, which is greater than 1 ($|PED| > 1$), the demand is elastic. This means that the percentage change in quantity demanded is greater than the percentage change in price.

The price elasticity of demand is $\boxed{-2}$.
The demand is elastic.