1. (5 points) 12 A B 10 C Price (dollars) 7 D 5 E 3 Demand 0 200 400 1,000 1,400 1,800 2,400 Quantity (a) What is the price elasticity of demand at point C? Please show your calculations. (b) What is the arc elasticity of demand between point C and point D? Please show your calculations. (For Arc elasticity see the above formula and the formula on page 83 in "Inside Business 3-2) 2. (5 points) During the pandemic when many businesses lost sales and profits or went out of business altogether, Walmart was able to grow its sales and profits. What does this tell you about the income elasticity of demand (positive or negative) for Walmart's products? Please give an explanation