1. Find the price elasticity of demand for the following demand functions: (Hint: Use the method we used to find elasticity in class of q = a - bp) a) q = 60-p b) q= Apb (A and b are constants) 2. The price of corn goes from $5 per pounds to $3. Due to this price change, quantity demanded increases from 30 pounds to 45 pounds. Calculate the price elasticity of corn using the midpoint formula.