1. Following the graphs below, compute for the price elasticity of demand for graph (a) and graph (b). Interpret the elasticity. b. P P= 3 P1 = 3 Price per pound ($) Price per pound ($) P, = 2 P, = 2 0 Q1 = 5 Q2 = 10 Q 21 = 80 Q2 = 160 Q Pounds of steak per month Ounces of steak per month 2. Solve the price elasticity of demand and supply using the graph below: a. PED = when price moved from 8 pesos to 9 pesos b. PES = When price moved from 7pesos to to 10 pesos c. PES = when price moved from 9 pesos to 7pesos. Price Quantity Demanded Quantity Supplied P7 2000 5000 P8 1800 9000 Pg 1500 15000 P10 1100 21000